Encana Corp. (ECA) Stock Price Up 5.3%
Shares of Encana Corp. (NYSE:ECA) rose 5.3% during trading on Monday . The stock traded as high as $8.95 and last traded at $8.78, with a volume of 8,075,280 shares. The stock had previously closed at $8.34.
ECA has been the subject of a number of analyst reports. Evercore ISI cut shares of Encana Corp. from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $9.00 to $8.00 in a research note on Friday, April 15th. Jefferies Group restated 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 note on Thursday, May 5th. Deutsche Bank AG restated a “buy” rating and issued a $8.00 price objective on shares of Encana Corp. in a research note on Thursday, May 19th. Finally, Goldman Sachs Group Inc. restated a “buy” rating on shares of Encana Corp. in a research note on Friday, May 20th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Encana Corp. currently has an average rating of “Hold” and a consensus price target of $8.45.
The firm has a 50 day moving average of $7.96 and a 200-day moving average of $6.55. The stock’s market cap is $7.45 billion.
Encana Corp. (NYSE:ECA) last issued its earnings results on Thursday, July 21st. The company reported $0.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.19. During the same period in the previous year, the business posted ($0.20) earnings per share. On average, equities research analysts expect that Encana Corp. will post ($0.13) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a $0.015 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.06 dividend on an annualized basis and a yield of 0.68%.
Other institutional investors have recently modified their holdings of the company. Trexquant Investment LP purchased a new position in shares of Encana Corp. during the fourth quarter worth about $1,602,000. Wells Fargo & Company MN raised its position 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 raised its position 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. Finally, State of Wisconsin Investment Board raised its position 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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