Encana Corp. (ECA) Reaches New 52-Week High at $10.11
Encana Corp. (NYSE:ECA) hit a new 52-week high during trading on Thursday . The stock traded as high as $10.11 and last traded at $9.99, with a volume of 7,961,371 shares traded. The stock had previously closed at $9.51.
Several brokerages recently commented on ECA. Barclays PLC cut their price target 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 target on shares of Encana Corp. from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. Jefferies Group reiterated a “buy” rating and set a $11.00 price target (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. Finally, AltaCorp Capital lowered shares of Encana Corp. from an “outperform” rating to a “speculative” rating in a research note on Thursday, July 7th. Three 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 presently has an average rating of “Hold” and an average price target of $8.45.
The company’s market cap is $8.62 billion. The company has a 50 day moving average price of $8.32 and a 200-day moving average price of $6.82.
Encana Corp. (NYSE:ECA) last posted its quarterly 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 quarter in the prior year, the company earned ($0.20) earnings per share. On average, analysts forecast that Encana Corp. will post ($0.09) EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given 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 dividend yield of 0.59%.
Several hedge funds and institutional investors have bought and sold shares of ECA. Bridgewater Associates LP increased its position in Encana Corp. by 17.2% in the fourth quarter. Bridgewater Associates LP now owns 265,700 shares of the company’s stock worth $1,345,000 after buying an additional 39,000 shares during the last quarter. Trexquant Investment LP acquired a new position in Encana Corp. during the fourth quarter worth about $1,602,000. Wells Fargo & Company MN increased its position in 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 last quarter. Finally, Morgan Stanley increased its position in 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 last quarter.
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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