Picton Mahoney Asset Management increased its holdings in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 12.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 499,900 shares of the oil and gas company’s stock after purchasing an additional 55,700 shares during the quarter. Picton Mahoney Asset Management’s holdings in Encana were worth $6,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in ECA. CIBC Asset Management Inc lifted its stake in shares of Encana by 1.3% during the 3rd quarter. CIBC Asset Management Inc now owns 10,513,431 shares of the oil and gas company’s stock worth $137,695,000 after acquiring an additional 134,249 shares during the last quarter. TD Asset Management Inc. lifted its stake in shares of Encana by 13.1% during the 3rd quarter. TD Asset Management Inc. now owns 9,512,694 shares of the oil and gas company’s stock worth $124,594,000 after acquiring an additional 1,105,366 shares during the last quarter. Intact Investment Management Inc. lifted its stake in shares of Encana by 21.7% during the 3rd quarter. Intact Investment Management Inc. now owns 1,389,600 shares of the oil and gas company’s stock worth $23,526,000 after acquiring an additional 248,000 shares during the last quarter. Atwood & Palmer Inc. lifted its stake in shares of Encana by 1.1% during the 3rd quarter. Atwood & Palmer Inc. now owns 992,491 shares of the oil and gas company’s stock worth $13,012,000 after acquiring an additional 10,951 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Encana by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,702,170 shares of the oil and gas company’s stock worth $22,315,000 after purchasing an additional 79,678 shares during the period. 67.17% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Sherri Anne Brillon purchased 17,250 shares of the business’s stock in a transaction dated Thursday, November 8th. The shares were acquired at an average cost of $8.85 per share, for a total transaction of $152,662.50. Following the acquisition, the chief financial officer now owns 114,165 shares of the company’s stock, valued at approximately $1,010,360.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Douglas James Suttles purchased 50,000 shares of the business’s stock in a transaction dated Monday, November 5th. The stock was bought at an average price of $8.83 per share, for a total transaction of $441,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 134,212 shares in the company, valued at approximately $1,185,091.96. The disclosure for this purchase can be found here. Insiders bought a total of 192,155 shares of company stock worth $1,693,714 over the last quarter. Company insiders own 0.08% of the company’s stock.
Encana (NYSE:ECA) (TSE:ECA) last announced its quarterly earnings results on Thursday, November 1st. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.04. Encana had a positive return on equity of 9.46% and a negative net margin of 3.98%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.25 billion. On average, equities research analysts forecast that Encana Corp will post 0.63 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be issued 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 dividend yield of 0.69%. Encana’s dividend payout ratio is presently 13.95%.
ECA has been the topic of several research reports. National Bank Financial raised their price objective on Encana from $18.00 to $22.00 and gave the stock a “$12.96” rating in a report on Wednesday, July 18th. Canaccord Genuity restated an “average” rating on shares of Encana in a report on Wednesday. Zacks Investment Research upgraded Encana from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Wednesday, July 18th. BMO Capital Markets restated a “buy” rating and set a $18.00 price objective on shares of Encana in a report on Thursday, October 11th. Finally, Bank of America initiated coverage on Encana in a report 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, six have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $15.14.
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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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