Analysts at Zacks Investment Research upgraded shares of Encana Corp. (NYSE: ECA) from Hold to Strong-Buy today. Zacks Investment Research currently has a rating of Strong-Buy on the shares. As a means of comparison, a number of other analysts have commented on the stock recently, and the company has secured a consensus one-year price target of $10.96, above the opening price of $9.23. Encana Corp. stock has a 52-week high of $10.75. Stock prices often trend to the upside on recommendations and new price targets of professional analysts.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Shares of Encana Corp. (NYSE: ECA) opened at $9.23 yesterday and traded in a range between, $9.10 and $9.35, and last traded at $9.11, which is a dip of $0.75 from the previous closing price.
Encana Corp. (NYSE: ECA) currently has a market cap of 7.74B.
The stock’s average daily volume is 13,330,500 shares out of a total float 768,462,000 and some 101,682,573 shares traded hands yesterday, 30 percent above the norm. Large expansions in trading volume and price growth together could mean heavy volume aggregation by institutional investors.
However, a single day of high volume buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts that research thousands of stocks, so it is good corroboration to see them buying a stock you are researching.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
Trades for Encana Corp. (NYSE: ECA) have ranged from $3.00 – 10.75, and the stock now has a 50-day MA of $9.52 and 200-day MA of $7.76. Today’s last price is 0.15% lower than the 52 week high of $10.75.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors look for companies that have raised their earnings by at least 25% for the past 3 years.
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