Credit Suisse Group AG Initiates Coverage on Encana Corp. (ECA)
Research analysts at Credit Suisse Group AG started coverage on shares of Encana Corp. (NYSE:ECA) in a research report issued on Thursday. The firm set an “outperform” rating and a $14.00 price target on the stock. Credit Suisse Group AG’s target price would indicate a potential upside of 28.91% from the stock’s current price.
Several other equities analysts have also recently weighed in on the company. Macquarie raised Encana Corp. from an “underperform” rating to a “neutral” rating in a research report on Thursday. GMP Securities upgraded Encana Corp. from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Thursday. Jefferies Group boosted their price target on Encana Corp. from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday. CIBC upgraded Encana Corp. to a “sector perform” rating and boosted their price target for the company from $8.00 to $12.00 in a research note on Friday, September 30th. Finally, Citigroup Inc. upgraded Encana Corp. from a “neutral” rating to a “buy” rating and boosted their price target for the company from $10.00 to $13.00 in a research note on Friday, September 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. Encana Corp. has a consensus rating of “Hold” and a consensus price target of $11.46.
Shares of Encana Corp. (NYSE:ECA) opened at 10.86 on Thursday. Encana Corp. has a 52 week low of $3.00 and a 52 week high of $11.23. The company’s market cap is $9.23 billion. The firm’s 50-day moving average price is $9.92 and its 200 day moving average price is $8.13.
Encana Corp. (NYSE:ECA) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.19. Encana Corp. had a positive return on equity of 0.79% and a negative net margin of 81.73%. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. On average, equities analysts predict that Encana Corp. will post ($0.04) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Tuesday, September 13th. Encana Corp.’s dividend payout ratio (DPR) is currently -1.79%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Encana Corp. by 9.8% in the second quarter. Vanguard Group Inc. now owns 17,708,640 shares of the company’s stock worth $137,950,000 after buying an additional 1,585,668 shares during the period. BlackRock Group LTD increased its position in Encana Corp. by 7,634.4% in the first quarter. BlackRock Group LTD now owns 13,148,536 shares of the company’s stock worth $80,074,000 after buying an additional 12,978,536 shares during the period. Point72 Asset Management L.P. bought a new position in Encana Corp. during the second quarter worth $54,865,000. Norges Bank bought a new position in Encana Corp. during the fourth quarter worth $33,438,000. Finally, Key Group Holdings Cayman LTD. bought a new position in Encana Corp. during the second quarter worth $39,161,000. 57.44% of the stock is currently owned by institutional investors.
About Encana Corp.
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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