Encana (NYSE:ECA) Cut to “Hold” at Canaccord Genuity

Encana (NYSE:ECA) (TSE:ECA) was downgraded by analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a report issued on Tuesday, Marketbeat reports. They presently have a $6.20 target price on the oil and gas company’s stock. Canaccord Genuity’s target price points to a potential upside of 40.27% from the stock’s previous close.

A number of other equities analysts also recently commented on ECA. CIBC downgraded shares of Encana from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $5.00 to $4.00 in a report on Thursday, October 31st. Scotiabank downgraded shares of Encana from an “outperform” rating to a “sector perform” rating and set a $5.50 price objective for the company. in a report on Monday, November 25th. TD Securities decreased their price objective on shares of Encana from $7.00 to $6.50 and set a “buy” rating for the company in a report on Friday, November 1st. Barclays downgraded shares of Encana from an “equal weight” rating to an “underweight” rating and set a $5.00 price objective for the company. in a report on Thursday, January 9th. Finally, Raymond James set a $5.00 price objective on shares of Encana and gave the stock a “market perform” rating in a report on Friday, November 1st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $7.28.

Encana stock traded up $0.19 during mid-day trading on Tuesday, reaching $4.42. The company’s stock had a trading volume of 5,578,698 shares, compared to its average volume of 14,842,962. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of 5.14, a PEG ratio of 0.75 and a beta of 2.04. The business has a 50 day moving average price of $4.35 and a 200-day moving average price of $4.44. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. Encana has a twelve month low of $3.77 and a twelve month high of $7.70.

Encana (NYSE:ECA) (TSE:ECA) last released its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The firm had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.70 billion. Encana had a net margin of 16.84% and a return on equity of 10.12%. On average, equities analysts expect that Encana will post 0.64 EPS for the current fiscal year.

In other news, CFO Corey Douglas Code purchased 10,000 shares of Encana stock in a transaction dated Friday, November 29th. The stock was bought at an average price of $3.95 per share, with a total value of $39,500.00. Following the completion of the acquisition, the chief financial officer now owns 62,463 shares in the company, valued at approximately $246,728.85. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Douglas James Suttles purchased 12,500 shares of Encana stock in a transaction dated Friday, November 1st. The shares were purchased at an average cost of $3.92 per share, with a total value of $49,000.00. Following the acquisition, the chief executive officer now owns 212,712 shares of the company’s stock, valued at approximately $833,831.04. The disclosure for this purchase can be found here. In the last three months, insiders have bought 47,300 shares of company stock valued at $193,080. Corporate insiders own 0.11% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. lifted its holdings in Encana by 318.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 797,623 shares of the oil and gas company’s stock worth $5,775,000 after purchasing an additional 606,969 shares during the period. LPL Financial LLC lifted its holdings in Encana by 38.0% in the second quarter. LPL Financial LLC now owns 113,340 shares of the oil and gas company’s stock worth $581,000 after purchasing an additional 31,193 shares during the period. Bank of New York Mellon Corp lifted its holdings in Encana by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 1,892,414 shares of the oil and gas company’s stock worth $9,709,000 after purchasing an additional 20,843 shares during the period. Glen Harbor Capital Management LLC lifted its holdings in Encana by 31.0% in the second quarter. Glen Harbor Capital Management LLC now owns 13,860 shares of the oil and gas company’s stock worth $69,000 after purchasing an additional 3,276 shares during the period. Finally, Meadow Creek Investment Management LLC lifted its holdings in Encana by 31.0% in the second quarter. Meadow Creek Investment Management LLC now owns 10,890 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 2,574 shares during the period. 73.58% of the stock is owned by 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. 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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Analyst Recommendations for Encana (NYSE:ECA)

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