Encana Corporation (NYSE:ECA) Raised to Buy at Zacks Investment Research

Encana Corporation (NYSE:ECA) (TSE:ECA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, October 17th. The brokerage currently has a $13.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 21.50% from the company’s previous close.

According to Zacks, “The Canadian energy behemoth – which smashed profit estimates in the Jun quarter on the back of solid production and margins – holds one of the largest natural gas resource portfolios in North America. Additionally, the company's cost cut initiatives and divestiture of high-cost low-profit gas assets will increase its financial flexibility and fund the transition to a more diversified oil and gas firm. Finally, last year's equity offering has helped it lower debt levels, apart from supporting more number of rigs in the Permian basin, where Encana is a top tier operator. Therefore, notwithstanding the stock's impressive run in the past 6 months, we believe that ECA offers more upside for investors going ahead. “



ECA has been the subject of a number of other reports. Scotiabank raised Encana Corporation from an “underperform” rating to a “sector perform” rating and set a $11.00 price objective for the company in a report on Friday, June 30th. BidaskClub raised Encana Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Barclays PLC reaffirmed an “overweight” rating and set a $8.00 price target on shares of Encana Corporation in a research note on Saturday, July 22nd. Royal Bank Of Canada increased their price target on Encana Corporation from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, September 25th. Finally, AltaCorp Capital upgraded Encana Corporation from a “sector perform” rating to an “outperform” rating in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $14.16.

Encana Corporation (NYSE:ECA) traded up 3.74% during trading on Tuesday, reaching $11.10. The company’s stock had a trading volume of 7,416,795 shares. The stock has a 50 day moving average price of $11.01 and a 200 day moving average price of $10.18. Encana Corporation has a 1-year low of $8.01 and a 1-year high of $13.85. The stock has a market capitalization of $10.80 billion, a PE ratio of 13.23 and a beta of 2.12.

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Several institutional investors have recently modified their holdings of ECA. Bank of New York Mellon Corp grew its holdings in Encana Corporation by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,283,837 shares of the oil and gas company’s stock worth $15,034,000 after acquiring an additional 58,456 shares during the period. Envestnet Asset Management Inc. grew its holdings in Encana Corporation by 17.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 32,319 shares of the oil and gas company’s stock worth $378,000 after acquiring an additional 4,699 shares during the period. JPMorgan Chase & Co. grew its holdings in Encana Corporation by 6.2% during the 1st quarter. JPMorgan Chase & Co. now owns 510,961 shares of the oil and gas company’s stock worth $5,983,000 after acquiring an additional 29,647 shares during the period. SG Americas Securities LLC acquired a new stake in Encana Corporation during the 1st quarter worth $166,000. Finally, Credit Agricole S A grew its holdings in Encana Corporation by 12.7% during the 1st quarter. Credit Agricole S A now owns 177,176 shares of the oil and gas company’s stock worth $2,075,000 after acquiring an additional 19,990 shares during the period. 67.02% of the stock is owned by institutional investors and hedge funds.

About Encana Corporation

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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