Encana (NYSE:ECA) (TSE:ECA) had its price target lifted by analysts at Morgan Stanley from $16.00 to $20.00 in a research note issued on Wednesday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Morgan Stanley’s price target indicates a potential upside of 54.32% from the stock’s current price.
Several other research firms have also recently weighed in on ECA. ValuEngine cut shares of Encana from a “hold” rating to a “sell” rating in a research report on Monday, April 2nd. Zacks Investment Research cut shares of Encana from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. Scotiabank upgraded shares of Encana from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $13.00 to $14.00 in a research report on Friday, February 16th. AltaCorp Capital upgraded shares of Encana from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, February 7th. Finally, TD Securities lowered their price objective on shares of Encana from $16.50 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, May 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $15.46.
NYSE ECA opened at $12.96 on Wednesday. Encana has a twelve month low of $8.01 and a twelve month high of $14.31. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market cap of $12.85 billion, a price-to-earnings ratio of 30.14, a PEG ratio of 2.22 and a beta of 2.01.
Encana (NYSE:ECA) (TSE:ECA) last posted its quarterly earnings data on Tuesday, May 1st. The oil and gas company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. Encana had a net margin of 12.24% and a return on equity of 6.96%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.11 billion. equities analysts expect that Encana will post 0.6 earnings per share for the current year.
Encana announced that its Board of Directors has initiated a share buyback program on Thursday, February 15th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In other Encana news, Director Howard John Mayson acquired 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was purchased at an average cost of $10.53 per share, for a total transaction of $26,325.00. Following the completion of the acquisition, the director now owns 25,104 shares of the company’s stock, valued at approximately $264,345.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 5,500 shares of company stock valued at $58,845 over the last quarter. 0.08% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its holdings in Encana by 10.7% in the first quarter. Envestnet Asset Management Inc. now owns 42,317 shares of the oil and gas company’s stock worth $467,000 after purchasing an additional 4,082 shares in the last quarter. IFP Advisors Inc lifted its position in Encana by 12.5% during the 4th quarter. IFP Advisors Inc now owns 42,555 shares of the oil and gas company’s stock worth $567,000 after acquiring an additional 4,730 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in Encana by 2.2% during the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 296,467 shares of the oil and gas company’s stock worth $3,952,000 after acquiring an additional 6,475 shares during the last quarter. Wetherby Asset Management Inc. lifted its position in Encana by 28.3% during the 1st quarter. Wetherby Asset Management Inc. now owns 34,622 shares of the oil and gas company’s stock worth $381,000 after acquiring an additional 7,640 shares during the last quarter. Finally, Atria Investments LLC lifted its position in Encana by 26.9% during the 1st quarter. Atria Investments LLC now owns 38,335 shares of the oil and gas company’s stock worth $422,000 after acquiring an additional 8,131 shares during the last quarter. Hedge funds and other institutional investors own 66.50% of the company’s stock.
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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