CIBC assumed coverage on shares of Encana (NYSE:ECA) (TSE:ECA) in a research report sent to investors on Friday morning, MarketBeat reports. The brokerage issued a neutral rating on the oil and gas company’s stock.
A number of other research analysts have also recently issued reports on ECA. ValuEngine raised Encana from a hold rating to a buy rating in a research note on Wednesday, June 27th. Zacks Investment Research raised Encana from a hold rating to a buy rating and set a $16.00 target price for the company in a research note on Friday, August 3rd. Canaccord Genuity reaffirmed a buy rating and set a $19.00 price objective on shares of Encana in a research report on Thursday, July 12th. National Bank Financial reduced their price objective on Encana from $22.00 to $21.00 and set an outperform rating for the company in a research report on Thursday, August 2nd. Finally, Desjardins reaffirmed a buy rating and set a $17.00 price objective on shares of Encana in a research report on Friday, July 27th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average price target of $16.30.
NYSE:ECA opened at $12.78 on Friday. Encana has a 1 year low of $9.79 and a 1 year high of $14.31. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $12.51 billion, a price-to-earnings ratio of 29.72, a price-to-earnings-growth ratio of 1.26 and a beta of 2.02.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 14th were given a dividend of $0.15 per share. This is a boost from Encana’s previous quarterly dividend of $0.02. This represents a $0.60 annualized dividend and a dividend yield of 4.69%. The ex-dividend date of this dividend was Thursday, September 13th. Encana’s dividend payout ratio is currently 13.95%.
Several hedge funds have recently bought and sold shares of the company. Morgan Stanley boosted its position in Encana by 34.2% during the second quarter. Morgan Stanley now owns 19,464,355 shares of the oil and gas company’s stock valued at $254,011,000 after purchasing an additional 4,962,470 shares during the last quarter. Sei Investments Co. boosted its position in Encana by 34.7% during the first quarter. Sei Investments Co. now owns 832,475 shares of the oil and gas company’s stock valued at $9,159,000 after purchasing an additional 214,505 shares during the last quarter. Tuttle Tactical Management boosted its position in Encana by 434.6% during the second quarter. Tuttle Tactical Management now owns 79,120 shares of the oil and gas company’s stock valued at $1,032,000 after purchasing an additional 64,320 shares during the last quarter. Precocity Capital LP boosted its position in Encana by 158.3% during the second quarter. Precocity Capital LP now owns 1,550,000 shares of the oil and gas company’s stock valued at $20,228,000 after purchasing an additional 950,000 shares during the last quarter. Finally, Putnam Investments LLC boosted its position in Encana by 4.8% during the second quarter. Putnam Investments LLC now owns 967,998 shares of the oil and gas company’s stock valued at $12,633,000 after purchasing an additional 44,670 shares during the last quarter. 66.82% 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. 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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