RNC Capital Management LLC lessened its holdings in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 7.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 232,905 shares of the oil and gas company’s stock after selling 17,415 shares during the quarter. RNC Capital Management LLC’s holdings in Encana were worth $1,195,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in ECA. Clearbridge Investments LLC increased its position in Encana by 188.5% during the first quarter. Clearbridge Investments LLC now owns 34,195,526 shares of the oil and gas company’s stock worth $247,576,000 after buying an additional 22,343,259 shares during the last quarter. Letko Brosseau & Associates Inc. grew its position in shares of Encana by 49.4% in the first quarter. Letko Brosseau & Associates Inc. now owns 34,570,422 shares of the oil and gas company’s stock valued at $250,490,000 after purchasing an additional 11,430,978 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Encana by 97.5% in the first quarter. CIBC Asset Management Inc now owns 19,378,549 shares of the oil and gas company’s stock valued at $140,370,000 after purchasing an additional 9,568,284 shares during the last quarter. Norges Bank acquired a new position in shares of Encana in the fourth quarter valued at approximately $48,974,000. Finally, FMR LLC grew its position in shares of Encana by 37.7% in the first quarter. FMR LLC now owns 28,775,826 shares of the oil and gas company’s stock valued at $208,408,000 after purchasing an additional 7,871,376 shares during the last quarter. 69.89% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ECA stock traded down $0.12 during trading on Monday, hitting $4.28. The company had a trading volume of 736,678 shares, compared to its average volume of 24,844,492. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The company has a market cap of $6.34 billion, a price-to-earnings ratio of 4.98, a P/E/G ratio of 0.94 and a beta of 2.00. The stock’s 50-day simple moving average is $4.75. Encana Corp has a one year low of $4.03 and a one year high of $14.28.
Encana (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. The business had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Encana had a return on equity of 11.40% and a net margin of 16.73%. On average, analysts predict that Encana Corp will post 0.67 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.0188 dividend. This represents a $0.08 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Thursday, September 12th. Encana’s dividend payout ratio (DPR) is currently 9.30%.
In related news, Director Bruce Gordon Waterman purchased 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was acquired at an average cost of $5.06 per share, for a total transaction of $253,000.00. Following the completion of the purchase, the director now owns 250,000 shares in the company, valued at approximately $1,265,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Corey Douglas Code purchased 10,800 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $6.00 per share, with a total value of $64,800.00. Following the completion of the purchase, the chief financial officer now owns 32,463 shares of the company’s stock, valued at approximately $194,778. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 116,450 shares of company stock valued at $608,238. 0.11% of the stock is currently owned by corporate insiders.
ECA has been the topic of several research reports. TD Securities decreased their target price on Encana from $11.00 to $10.50 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Goldman Sachs Group downgraded Encana to a “buy” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. initiated coverage on Encana in a research report on Monday, April 29th. They issued a “neutral” rating and a $12.00 target price on the stock. National Bank Financial upped their target price on Encana from $8.50 to $9.50 and gave the company an “outperform” rating in a research report on Thursday. Finally, Sanford C. Bernstein downgraded Encana from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $10.33.
Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It holds interests in various assets, including the Montney in northeast 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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