Scotia Howard Weill Downgrades Encana Corp. (ECA) to Underperform
Encana Corp. (NYSE:ECA) was downgraded by research analysts at Scotia Howard Weill from a “sector perform” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday.
Other research analysts have also issued research reports about the company. Jefferies Group reissued a “buy” rating and issued a $13.00 target price on shares of Encana Corp. in a report on Tuesday. Zacks Investment Research raised Encana Corp. from a “hold” rating to a “strong-buy” rating and set a $11.00 target price on the stock in a report on Tuesday. Scotiabank lowered Encana Corp. from a “sector perform” rating to an “underperform” rating in a report on Tuesday. BMO Capital Markets reissued a “buy” rating and issued a $10.00 target price on shares of Encana Corp. in a report on Friday, July 22nd. Finally, AltaCorp Capital lowered Encana Corp. from a “sector perform” rating to an “underperform” rating in a report on Friday, July 22nd. Five research 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. The company presently has a consensus rating of “Hold” and a consensus target price of $9.37.
Shares of Encana Corp. (NYSE:ECA) traded down 6.90% on Tuesday, reaching $9.18. The company’s stock had a trading volume of 65,223,578 shares. The stock’s market capitalization is $7.80 billion. The company has a 50 day moving average of $9.48 and a 200 day moving average of $7.74. Encana Corp. has a 1-year low of $3.00 and a 1-year high of $10.75.
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Encana Corp. (NYSE:ECA) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.10 EPS 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 last year, the business earned ($0.20) EPS. Equities research analysts expect that Encana Corp. will post ($0.10) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.015 per share. 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 0.61%. Encana Corp.’s payout ratio is -1.79%.
A number of hedge funds have recently bought and sold shares of ECA. BB&T Securities LLC increased its stake in Encana Corp. by 22.6% in the first quarter. BB&T Securities LLC now owns 17,754 shares of the company’s stock worth $108,000 after buying an additional 3,270 shares during the last quarter. Loomis Sayles & Co. L P increased its stake in shares of Encana Corp. by 39.6% in the first quarter. Loomis Sayles & Co. L P now owns 21,274 shares of the company’s stock valued at $130,000 after buying an additional 6,036 shares in the last quarter. Carnick & Kubik Group LLC bought a new stake in shares of Encana Corp. during the second quarter valued at about $154,000. Stevens Capital Management LP bought a new stake in shares of Encana Corp. during the second quarter valued at about $165,000. Finally, Advisor Group Inc. bought a new stake in shares of Encana Corp. during the second quarter valued at about $182,000. Institutional investors own 64.69% of the company’s stock.
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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