EnCana Stock Rating Upgraded by Deutsche Bank (ECA)
EnCana (NYSE:ECA) was upgraded by research analysts at Deutsche Bank from a “sell” rating to a “hold” rating in a report released on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $22.00 price objective on the stock, up from their previous price objective of $17.00. Deutsche Bank’s target price indicates a potential upside of 19.96% from the stock’s previous close.
The analysts wrote, “ECA’s strategy update came earlier than expected, and the key positive in our mind was a re-balancing of cash flow commitments (dividend cut) and a clear message surrounding go forward capex. Capital will be focused on 2 Canadian plays (which benefit from ~$0.5 Bn of JV carries in 2014e) which are best in class in North America, the challenge is in the US where capital will be focused on 3 plays in an earlier stage of development and where growth and returns are more opaque. While there is more wood to chop in the US (3 plays account for <10% of production), the strategy has addressed the bear case. The backdrop is deteriorating NG balances. Moving to Hold.”
ECA has been the subject of a number of other recent research reports. Analysts at Bank of America Corp. upgraded shares of EnCana from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday. They now have a $21.00 price target on the stock, up previously from $20.00. Separately, analysts at TD Securities upgraded shares of EnCana to a “buy” rating in a research note to investors on Thursday, October 24th. Finally, analysts at Cormark downgraded shares of EnCana to a “market perform” rating in a research note to investors on Thursday, October 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $21.23.
EnCana (NYSE:ECA) traded up 1.91% on Wednesday, hitting $18.69. 3,067,261 shares of the company’s stock traded hands. EnCana has a 52-week low of $16.48 and a 52-week high of $22.28. The stock has a 50-day moving average of $17.67 and a 200-day moving average of $17.82. The company has a market cap of $13.834 billion and a P/E ratio of 33.22.
EnCana (NYSE:ECA) last released its earnings data on Wednesday, October 23rd. The company reported $0.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.16 by $0.04. During the same quarter last year, the company posted $0.36 earnings per share. Analysts expect that EnCana will post $1.04 EPS for the current fiscal year.
EnCana Corporation (NYSE:ECA) is a natural gas producing company.
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