Desjardins cut shares of Encana (NYSE:ECA) (TSE:ECA) from a buy rating to a hold rating in a report published on Friday, Marketbeat reports. The firm currently has $13.00 price target on the oil and gas company’s stock, down from their previous price target of $17.00.
Other equities research analysts have also recently issued research reports about the stock. National Bank Financial raised their price objective on shares of Encana from $18.00 to $22.00 and gave the stock a $12.96 rating in a research note on Wednesday, July 18th. Zacks Investment Research raised shares of Encana from a hold rating to a buy rating and set a $15.00 price objective on the stock in a research note on Wednesday, July 18th. Morgan Stanley set a $19.00 price objective on shares of Encana and gave the stock a buy rating in a research note on Friday, October 12th. BMO Capital Markets reaffirmed a buy rating and set a $18.00 price objective on shares of Encana in a research note on Thursday, October 11th. Finally, Bank of America initiated coverage on shares of Encana in a research note on Tuesday, September 18th. They set a buy rating and a $19.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $15.14.
Shares of NYSE:ECA opened at $8.88 on Friday. Encana has a twelve month low of $8.44 and a twelve month high of $14.31. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $8.14 billion, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 0.78 and a beta of 2.15.
Encana (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings results on Thursday, November 1st. The oil and gas company reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.04. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.25 billion. Encana had a negative net margin of 3.98% and a positive return on equity of 9.46%. On average, analysts forecast that Encana will post 0.7 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be paid a $0.015 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.06 dividend on an annualized basis and a yield of 0.68%. Encana’s dividend payout ratio is currently 13.95%.
In related news, CEO Douglas James Suttles purchased 50,000 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The shares were purchased at an average price of $8.83 per share, with a total value of $441,500.00. Following the purchase, the chief executive officer now owns 134,212 shares of the company’s stock, valued at $1,185,091.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michael Gerard Mcallister purchased 8,655 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was bought at an average cost of $8.77 per share, for a total transaction of $75,904.35. Following the purchase, the chief operating officer now directly owns 25,677 shares in the company, valued at approximately $225,187.29. The disclosure for this purchase can be found here. Insiders purchased a total of 72,405 shares of company stock worth $640,902 in the last three months. 0.09% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in ECA. Clinton Group Inc. acquired a new stake in Encana in the 2nd quarter valued at $131,000. Advisor Partners LLC acquired a new stake in Encana in the 2nd quarter valued at $134,000. Suntrust Banks Inc. acquired a new stake in Encana in the 1st quarter valued at $165,000. Fox Run Management L.L.C. acquired a new stake in Encana in the 3rd quarter valued at $196,000. Finally, Edgestream Partners L.P. acquired a new stake in Encana in the 2nd quarter valued at $209,000. 67.17% of the stock is currently owned by hedge funds and other institutional investors.
Encana Company Profile
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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