Encana Corp. (ECA) Trading Down 1.4%
Encana Corp. (NYSE:ECA)’s share price dropped 1.4% during trading on Friday . The company traded as low as $8.06 and last traded at $8.17, with a volume of 6,350,526 shares traded. The stock had previously closed at $8.29.
ECA has been the topic of a number of research reports. BMO Capital Markets upgraded Encana Corp. from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $6.00 to $7.50 in a report on Monday, April 11th. They noted that the move was a valuation call. Citigroup Inc. increased their price objective on Encana Corp. from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Thursday, April 7th. Barclays PLC dropped their price objective on Encana Corp. from $8.00 to $6.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 1st. Goldman Sachs Group Inc. restated a “buy” rating on shares of Encana Corp. in a report on Friday, May 20th. Finally, Deutsche Bank AG increased their price objective on Encana Corp. from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, June 14th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Encana Corp. currently has an average rating of “Hold” and an average target price of $8.67.
The company has a 50-day moving average of $8.01 and a 200 day moving average of $6.18. The stock’s market capitalization is $7.00 billion.
Encana Corp. (NYSE:ECA) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.19. During the same period last year, the business posted ($0.20) EPS. Equities analysts predict that Encana Corp. will post ($0.29) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend is Tuesday, September 13th.
Other hedge funds and institutional investors recently bought and sold shares of the company. Gulf International Bank UK Ltd raised its position in Encana Corp. by 1.1% in the fourth quarter. Gulf International Bank UK Ltd now owns 264,867 shares of the company’s stock valued at $1,347,000 after buying an additional 3,000 shares during the period. First Trust Advisors LP raised its position in Encana Corp. by 0.8% in the fourth quarter. First Trust Advisors LP now owns 863,956 shares of the company’s stock valued at $4,398,000 after buying an additional 7,128 shares during the period. State of Wisconsin Investment Board raised its position in Encana Corp. by 67.8% in the fourth quarter. State of Wisconsin Investment Board now owns 731,847 shares of the company’s stock valued at $3,704,000 after buying an additional 295,700 shares during the period. Trexquant Investment LP bought a new position in Encana Corp. during the fourth quarter valued at $1,602,000. Finally, Quantitative Investment Management LLC raised its position in Encana Corp. by 1,403.5% in the fourth quarter. Quantitative Investment Management LLC now owns 557,800 shares of the company’s stock valued at $2,839,000 after buying an additional 520,700 shares during the period.
Encana Corp is a Canada-based energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids (NGLs). The Company’s operations also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America.
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