Desjardins Upgrades Encana (ECA) to Buy

Encana (NYSE:ECA) (TSE:ECA) was upgraded by Desjardins from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm currently has a $16.00 target price on the oil and gas company’s stock. Desjardins’ target price suggests a potential upside of 14.45% from the stock’s previous close.

A number of other research analysts also recently commented on ECA. Sanford C. Bernstein upgraded Encana from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $10.00 to $14.00 in a report on Friday, September 15th. Royal Bank of Canada increased their price objective on Encana from $13.00 to $15.00 and gave the company an “outperform” rating in a report on Monday, September 25th. Macquarie upgraded Encana from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $10.00 to $14.50 in a report on Thursday, September 28th. GMP Securities reiterated a “buy” rating and issued a $16.00 price objective on shares of Encana in a report on Friday, September 29th. Finally, TD Securities reiterated a “buy” rating and issued a $12.50 price objective on shares of Encana in a report on Sunday, October 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Encana presently has a consensus rating of “Buy” and an average target price of $15.02.

Encana (NYSE ECA) traded down $0.06 on Friday, hitting $13.98. The stock had a trading volume of 9,015,202 shares, compared to its average volume of 8,340,000. Encana has a fifty-two week low of $8.01 and a fifty-two week high of $14.31. The stock has a market cap of $13,610.00, a P/E ratio of 17.48, a P/E/G ratio of 1.98 and a beta of 2.15. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.60.

A number of institutional investors have recently bought and sold shares of ECA. JPMorgan Chase & Co. lifted its position in Encana by 13.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 577,353 shares of the oil and gas company’s stock worth $5,080,000 after acquiring an additional 66,392 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Encana by 13.9% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 59,175 shares of the oil and gas company’s stock worth $521,000 after acquiring an additional 7,224 shares during the period. Engineers Gate Manager LP acquired a new stake in Encana during the 2nd quarter worth approximately $128,000. Private Advisor Group LLC lifted its position in Encana by 38.3% during the 2nd quarter. Private Advisor Group LLC now owns 52,597 shares of the oil and gas company’s stock worth $461,000 after acquiring an additional 14,560 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in Encana during the 2nd quarter worth approximately $2,797,000. 68.94% of the stock is owned by institutional investors.

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About Encana

Encana Corporation is an energy producer that is focused on developing its multi-basin portfolio of natural gas, oil and natural gas liquids (NGLs) producing plays. 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.