Scotiabank Downgrades Encana Corp. (ECA) to Underperform
Encana Corp. (NYSE:ECA) was downgraded by equities researchers at Scotiabank from a “sector perform” rating to an “underperform” rating in a report released on Tuesday.
A number of other research firms have also recently commented on ECA. RBC Capital Markets reissued a “sector perform” rating and set a $10.00 target price (up previously from $9.00) on shares of Encana Corp. in a research report on Monday, September 12th. Royal Bank Of Canada decreased their target price on shares of Encana Corp. from $10.00 to $9.00 and set a “sector perform” rating for the company in a research report on Monday, September 12th. Nomura increased their target price 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. KLR Group assumed coverage on shares of Encana Corp. in a research report on Monday, August 29th. They set a “hold” rating and a $10.00 target price for the company. Finally, Jefferies Group reissued a “buy” rating and set a $13.00 target price on shares of Encana Corp. in a research report on Tuesday. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Encana Corp. has an average rating of “Hold” and a consensus target price of $9.37.
Shares of Encana Corp. (NYSE:ECA) traded down 7.61% during midday trading on Tuesday, hitting $9.11. 101,681,573 shares of the stock were exchanged. The firm’s 50-day moving average is $9.48 and its 200-day moving average is $7.74. The stock’s market cap is $7.74 billion. Encana Corp. has a 12 month low of $3.00 and a 12 month high of $10.75.
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Encana Corp. (NYSE:ECA) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.19. Encana Corp. had a negative net margin of 81.73% and a positive return on equity of 0.79%. During the same quarter in the prior year, the firm earned ($0.20) EPS. Equities research analysts predict that Encana Corp. will post ($0.10) earnings per share for the current year.
The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.06 annualized dividend and a yield of 0.66%. Encana Corp.’s dividend payout ratio is presently -1.79%.
A number of hedge funds have recently added to or reduced their stakes in the stock. UBS Asset Management Americas Inc. raised its stake in Encana Corp. by 8.6% in the first quarter. UBS Asset Management Americas Inc. now owns 2,120,040 shares of the company’s stock valued at $12,982,000 after buying an additional 168,638 shares in the last quarter. BB&T Securities LLC raised its stake in shares of Encana Corp. by 22.6% in the first quarter. BB&T Securities LLC now owns 17,754 shares of the company’s stock valued at $108,000 after buying an additional 3,270 shares during the period. Credit Agricole S A raised its stake in shares of Encana Corp. by 4.3% in the first quarter. Credit Agricole S A now owns 93,980 shares of the company’s stock valued at $573,000 after buying an additional 3,867 shares during the period. JVL Advisors L.L.C. raised its stake in shares of Encana Corp. by 81.4% in the first quarter. JVL Advisors L.L.C. now owns 868,800 shares of the company’s stock valued at $5,291,000 after buying an additional 389,800 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of Encana Corp. by 50.1% in the first quarter. Bessemer Group Inc. now owns 60,528 shares of the company’s stock valued at $368,000 after buying an additional 20,210 shares during the period. 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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