Encana (ECA) Rating Lowered to Strong Sell at ValuEngine

Encana (NYSE:ECA) (TSE:ECA) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.

Several other research firms also recently weighed in on ECA. National Bank Financial dropped their target price on Encana from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Thursday, August 2nd. TD Securities set a $17.00 target price on Encana and gave the company a “buy” rating in a research report on Wednesday, August 1st. Zacks Investment Research downgraded Encana from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. Desjardins reaffirmed a “buy” rating and issued a $17.00 target price on shares of Encana in a research report on Friday, July 27th. Finally, CIBC began coverage on Encana in a research report on Friday, October 5th. They issued a “neutral” rating for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Encana currently has a consensus rating of “Buy” and an average price target of $16.24.

NYSE ECA traded down $1.28 during trading on Thursday, hitting $8.96. The stock had a trading volume of 117,262,969 shares, compared to its average volume of 9,655,156. The company has a market cap of $9.56 billion, a P/E ratio of 20.84, a P/E/G ratio of 0.91 and a beta of 2.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.73 and a quick ratio of 0.73. Encana has a twelve month low of $8.44 and a twelve month high of $14.31.

Encana (NYSE:ECA) (TSE:ECA) last released its earnings results on Wednesday, August 1st. The oil and gas company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.09. The company had revenue of $983.00 million during the quarter, compared to the consensus estimate of $1.14 billion. Encana had a return on equity of 7.30% and a net margin of 1.49%. On average, analysts anticipate that Encana will post 0.7 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. TD Asset Management Inc. boosted its stake in shares of Encana by 13.1% in the 3rd quarter. TD Asset Management Inc. now owns 9,512,694 shares of the oil and gas company’s stock valued at $124,594,000 after buying an additional 1,105,366 shares during the period. Intact Investment Management Inc. boosted its stake in shares of Encana by 21.7% in the 3rd quarter. Intact Investment Management Inc. now owns 1,389,600 shares of the oil and gas company’s stock valued at $23,526,000 after buying an additional 248,000 shares during the period. Atwood & Palmer Inc. boosted its stake in shares of Encana by 1.1% in the 3rd quarter. Atwood & Palmer Inc. now owns 992,491 shares of the oil and gas company’s stock valued at $13,012,000 after buying an additional 10,951 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Encana by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,702,170 shares of the oil and gas company’s stock valued at $22,315,000 after buying an additional 79,678 shares during the period. Finally, Seven Eight Capital LP purchased a new position in shares of Encana in the 3rd quarter valued at about $1,724,000. Institutional investors and hedge funds own 67.32% of the company’s stock.

About Encana

Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company holds interests in various assets, including the Montney in northern British Columbia and northwest Alberta; Duvernay in west central Alberta; and other upstream operations comprising Wheatland in southern Alberta, Horn River in northeast British Columbia, and Deep Panuke located in offshore Nova Scotia in Canada.

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Analyst Recommendations for Encana (NYSE:ECA)

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