Scotiabank Downgrades Encana Corp. (ECA) to Underperform
Encana Corp. (NYSE:ECA) was downgraded by analysts at Scotiabank from a “sector perform” rating to an “underperform” rating in a research note issued to investors on Tuesday.
ECA has been the topic of several other research reports. Barclays PLC dropped their target price on Encana Corp. from $8.00 to $6.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 1st. Deutsche Bank AG boosted their target price on Encana Corp. from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, June 14th. 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 report on Monday, September 12th. Jefferies Group reaffirmed a “buy” rating and issued a $13.00 price target on shares of Encana Corp. in a report on Tuesday. Finally, KLR Group started coverage on Encana Corp. in a report on Monday, August 29th. They issued a “hold” rating and a $10.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, eight have assigned 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) opened at 9.86 on Tuesday. The stock’s 50 day moving average price is $9.48 and its 200 day moving average price is $7.74. The firm’s market cap is $8.38 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 announced its earnings results on Thursday, July 21st. The company reported $0.10 EPS for the quarter, topping the Thomson Reuters’ 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 in the previous year, the business earned ($0.20) EPS. On average, equities research analysts predict that Encana Corp. will post ($0.10) EPS for the current fiscal 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 issued a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, September 13th. Encana Corp.’s dividend payout ratio is presently -1.79%.
A number of large investors have recently modified their holdings of the company. BB&T Securities LLC boosted 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 worth $108,000 after buying an additional 3,270 shares in the last quarter. Carnick & Kubik Group LLC acquired a new stake in shares of Encana Corp. during the second quarter worth about $154,000. Stevens Capital Management LP acquired a new stake in shares of Encana Corp. during the second quarter worth about $165,000. Loomis Sayles & Co. L P boosted 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 worth $130,000 after buying an additional 6,036 shares in the last quarter. Finally, Advisor Group Inc. acquired a new stake in shares of Encana Corp. during the second quarter worth about $182,000. Hedge funds and other institutional investors own 64.69% of the company’s stock.
Encana Corp. Company Profile
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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