Encana Corp. (ECA) Trading 5.3% Higher
Encana Corp. (NYSE:ECA) shares traded up 5.3% during mid-day trading on Monday . The company traded as high as $8.95 and last traded at $8.78, with a volume of 8,075,280 shares trading hands. The stock had previously closed at $8.34.
A number of research analysts recently issued reports on the stock. Barclays PLC decreased their price objective on shares of Encana Corp. from $8.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 1st. Deutsche Bank AG lifted their price objective on shares of Encana Corp. from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. Jefferies Group reissued a “buy” rating and issued a $11.00 price objective (up from $8.00) on shares of Encana Corp. in a research note on Wednesday, May 4th. FirstEnergy Capital upgraded shares of Encana Corp. from an “underperform” rating to a “market perform” rating in a research report on Thursday, May 5th. Finally, Evercore ISI lowered shares of Encana Corp. from a “buy” rating to a “hold” rating and cut their target price for the company from $9.00 to $8.00 in a research report on Friday, April 15th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $8.45.
The company’s market capitalization is $7.40 billion. The firm’s 50 day moving average is $7.93 and its 200-day moving average is $6.43.
Encana Corp. (NYSE:ECA) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.19. During the same quarter in the prior year, the business posted ($0.20) earnings per share. On average, analysts predict that Encana Corp. will post ($0.13) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be issued a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend is Tuesday, September 13th.
Several institutional investors recently modified their holdings of ECA. Trexquant Investment LP bought a new position in shares of Encana Corp. during the fourth quarter worth approximately $1,602,000. Wells Fargo & Company MN boosted its stake in shares of Encana Corp. by 88.4% in the fourth quarter. Wells Fargo & Company MN now owns 1,880,440 shares of the company’s stock worth $9,572,000 after buying an additional 882,374 shares during the period. Morgan Stanley boosted its stake in shares of Encana Corp. by 23.1% in the fourth quarter. Morgan Stanley now owns 2,944,743 shares of the company’s stock worth $14,990,000 after buying an additional 552,204 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of Encana Corp. by 1.1% in the fourth quarter. Gulf International Bank UK Ltd now owns 264,867 shares of the company’s stock worth $1,347,000 after buying an additional 3,000 shares during the period. Finally, State of Wisconsin Investment Board boosted its stake in shares of Encana Corp. by 67.8% in the fourth quarter. State of Wisconsin Investment Board now owns 731,847 shares of the company’s stock worth $3,704,000 after buying an additional 295,700 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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