Encana (ECA) to Repurchase $400.00 million in Stock

Encana (NYSE:ECA) (TSE:ECA) declared that its board has approved a share buyback program, which authorizes the company to repurchase $400.00 million in outstanding shares on Thursday, February 15th, EventVestor reports. This repurchase authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Shares of Encana (NYSE:ECA) traded down $0.15 during trading on Thursday, hitting $11.10. 4,964,374 shares of the company traded hands, compared to its average volume of 8,888,751. The stock has a market cap of $10,980.00, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.44 and a beta of 2.07. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.60. Encana has a 52-week low of $8.01 and a 52-week high of $14.31.

ECA has been the topic of a number of research analyst reports. Royal Bank of Canada set a $15.00 price target on shares of Encana and gave the stock a “buy” rating in a report on Friday, October 27th. TD Securities upped their price target on shares of Encana from $14.50 to $15.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. BMO Capital Markets set a $14.00 price target on shares of Encana and gave the stock a “buy” rating in a report on Thursday, October 19th. Citigroup upped their price objective on shares of Encana from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Encana in a research note on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $15.39.

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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.

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