TD Asset Management Inc. Sells 1,036,161 Shares of Encana Corp (NYSE:ECA)
TD Asset Management Inc. lessened its holdings in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 7.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,085,375 shares of the oil and gas company’s stock after selling 1,036,161 shares during the quarter. TD Asset Management Inc. owned 0.91% of Encana worth $67,291,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in ECA. Clearbridge Investments LLC increased its stake in Encana by 188.5% during the 1st quarter. Clearbridge Investments LLC now owns 34,195,526 shares of the oil and gas company’s stock valued at $247,576,000 after purchasing an additional 22,343,259 shares in the last quarter. Letko Brosseau & Associates Inc. increased its stake in Encana by 49.4% during the 1st quarter. Letko Brosseau & Associates Inc. now owns 34,570,422 shares of the oil and gas company’s stock valued at $250,490,000 after purchasing an additional 11,430,978 shares in the last quarter. CIBC Asset Management Inc increased its stake in Encana by 97.5% during the 1st quarter. CIBC Asset Management Inc now owns 19,378,549 shares of the oil and gas company’s stock valued at $140,370,000 after purchasing an additional 9,568,284 shares in the last quarter. FMR LLC increased its stake in Encana by 37.7% during the 1st quarter. FMR LLC now owns 28,775,826 shares of the oil and gas company’s stock valued at $208,408,000 after purchasing an additional 7,871,376 shares in the last quarter. Finally, Boston Partners bought a new stake in Encana during the 1st quarter valued at $31,077,000. Institutional investors and hedge funds own 69.98% of the company’s stock.
Shares of NYSE:ECA traded down $0.29 during midday trading on Wednesday, reaching $4.14. The company had a trading volume of 924,843 shares, compared to its average volume of 27,827,789. The stock has a 50 day simple moving average of $4.63. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $6.28 billion, a PE ratio of 4.89, a P/E/G ratio of 1.00 and a beta of 2.00. Encana Corp has a 52-week low of $3.92 and a 52-week high of $13.61.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.0188 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Thursday, September 12th. Encana’s dividend payout ratio (DPR) is currently 9.30%.
ECA has been the subject of several recent analyst reports. Morgan Stanley reduced their target price on shares of Encana from $6.50 to $6.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. JPMorgan Chase & Co. initiated coverage on shares of Encana in a research note on Monday, April 29th. They issued a “neutral” rating and a $12.00 target price for the company. Sanford C. Bernstein lowered shares of Encana from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 30th. Citigroup set a $11.00 target price on shares of Encana and gave the stock a “buy” rating in a research note on Friday, May 24th. Finally, Raymond James reiterated an “outperform” rating and issued a $10.00 target price on shares of Encana in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $10.33.
In related news, CEO Douglas James Suttles purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average cost of $6.01 per share, with a total value of $60,100.00. Following the acquisition, the chief executive officer now owns 163,512 shares of the company’s stock, valued at $982,707.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bruce Gordon Waterman purchased 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was bought at an average cost of $5.06 per share, for a total transaction of $253,000.00. Following the completion of the acquisition, the director now directly owns 250,000 shares in the company, valued at approximately $1,265,000. The disclosure for this purchase can be found here. Insiders purchased a total of 145,800 shares of company stock worth $713,300 over the last three months. 0.11% of the stock is owned by insiders.
Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It holds interests in various assets, including the Montney in northeast British Columbia and northwest Alberta; Duvernay in west central Alberta; and other upstream operations comprising Wheatland in southern Alberta, Horn River in northeast British Columbia, and Deep Panuke located in offshore Nova Scotia in Canada.
See Also: Buyback For Investors Defined
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