Encana Corp. (ECA) Shares Down 6.9%
Encana Corp. (NYSE:ECA) dropped 6.9% during mid-day trading on Tuesday . The company traded as low as $9.16 and last traded at $9.18, with a volume of 70,777,204 shares trading hands. The stock had previously closed at $9.86.
ECA has been the topic of a number of recent research reports. Jefferies Group reaffirmed a “buy” rating on shares of Encana Corp. in a research note on Thursday, August 11th. BMO Capital Markets reiterated a “buy” rating and set a $10.00 price objective on shares of Encana Corp. in a research report on Friday, July 22nd. Deutsche Bank AG boosted their price objective on shares of Encana Corp. from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, June 14th. Nomura boosted their price objective on shares of Encana Corp. from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Finally, Barclays PLC cut 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 report on Wednesday, June 1st. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $9.37.
The company’s 50 day moving average is $9.48 and its 200-day moving average is $7.74. The stock’s market capitalization is $7.74 billion.
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Encana Corp. (NYSE:ECA) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 prior year, the business posted ($0.20) earnings per share. On average, equities research analysts predict that Encana Corp. will post ($0.10) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date is Tuesday, September 13th. Encana Corp.’s payout ratio is -1.79%.
Several hedge funds have recently modified their holdings of ECA. Norges Bank purchased a new position in Encana Corp. during the fourth quarter valued at $33,438,000. Lincluden Management Ltd. purchased a new position in Encana Corp. during the first quarter valued at $14,984,000. First Manhattan Co. increased its position in Encana Corp. by 70.1% in the first quarter. First Manhattan Co. now owns 72,718 shares of the company’s stock valued at $442,000 after buying an additional 29,970 shares in the last quarter. Virginia Retirement System purchased a new position in Encana Corp. during the first quarter valued at $1,500,000. Finally, Pacad Investment Ltd. purchased a new position in Encana Corp. during the first quarter valued at $1,518,000. 64.69% of the stock is owned by hedge funds and other 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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