Cider Mill Investments LP purchased a new stake in Encana Corp (NYSE:ECA) (TSE:ECA) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 331,400 shares of the oil and gas company’s stock, valued at approximately $4,418,000. Encana accounts for approximately 1.8% of Cider Mill Investments LP’s portfolio, making the stock its 21st biggest position.
A number of other large investors also recently made changes to their positions in ECA. Commerce Bank acquired a new position in Encana in the third quarter valued at approximately $118,000. Virtu Financial LLC acquired a new position in Encana in the third quarter valued at approximately $131,000. Klingenstein Fields & Co. LLC acquired a new position in Encana in the fourth quarter valued at approximately $143,000. Prospera Financial Services Inc acquired a new position in Encana in the fourth quarter valued at approximately $153,000. Finally, Krilogy Financial LLC acquired a new position in Encana in the third quarter valued at approximately $165,000. 68.51% of the stock is owned by institutional investors.
Encana Corp (NYSE ECA) opened at $10.84 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $10,665.43, a P/E ratio of 12.90, a PEG ratio of 1.48 and a beta of 2.13. Encana Corp has a 52 week low of $8.01 and a 52 week high of $14.31.
Encana announced that its Board of Directors has approved a stock buyback program on Thursday, February 15th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Wednesday, March 14th. Encana’s payout ratio is 7.14%.
In other news, Director Margaret Anne Mckenzie purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average cost of $11.16 per share, for a total transaction of $111,600.00. Following the completion of the transaction, the director now owns 22,000 shares of the company’s stock, valued at $245,520. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Howard John Mayson purchased 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The shares were purchased at an average price of $10.53 per share, with a total value of $26,325.00. Following the completion of the transaction, the director now directly owns 25,104 shares of the company’s stock, valued at approximately $264,345.12. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock valued at $256,395 over the last quarter. 0.08% of the stock is owned by company insiders.
A number of brokerages have issued reports on ECA. AltaCorp Capital raised Encana from a “sector perform” rating to an “outperform” rating in a report on Wednesday, February 7th. Jefferies Group set a $17.00 price target on Encana and gave the company a “buy” rating in a report on Tuesday, January 30th. Societe Generale raised Encana from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Thursday, February 15th. They noted that the move was a valuation call. Morgan Stanley raised Encana from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $15.00 to $18.00 in a report on Wednesday, January 24th. Finally, Desjardins raised Encana from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Friday, January 12th. Three equities research analysts have rated the stock with a sell rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. Encana presently has a consensus rating of “Buy” and a consensus target price of $15.37.
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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