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CIBC Asset Management Inc Purchases 2,724,750 Shares of Encana Corp (NYSE:ECA)

By August 21, 2019 No Comments

CIBC Asset Management Inc grew its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 14.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,103,299 shares of the oil and gas company’s stock after acquiring an additional 2,724,750 shares during the quarter. CIBC Asset Management Inc’s holdings in Encana were worth $113,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Letko Brosseau & Associates Inc. increased its holdings in shares of Encana by 5.2% during the second quarter. Letko Brosseau & Associates Inc. now owns 36,377,108 shares of the oil and gas company’s stock valued at $187,070,000 after acquiring an additional 1,806,686 shares in the last quarter. Clearbridge Investments LLC increased its holdings in shares of Encana by 188.5% during the first quarter. Clearbridge Investments LLC now owns 34,195,526 shares of the oil and gas company’s stock valued at $247,576,000 after acquiring an additional 22,343,259 shares in the last quarter. FMR LLC increased its holdings in shares of Encana by 37.7% during the first quarter. FMR LLC now owns 28,775,826 shares of the oil and gas company’s stock valued at $208,408,000 after acquiring an additional 7,871,376 shares in the last quarter. TD Asset Management Inc. increased its holdings in shares of Encana by 43.2% during the first quarter. TD Asset Management Inc. now owns 14,121,536 shares of the oil and gas company’s stock valued at $102,322,000 after acquiring an additional 4,260,554 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Encana by 52.5% during the first quarter. The Manufacturers Life Insurance Company now owns 9,054,511 shares of the oil and gas company’s stock valued at $65,555,000 after acquiring an additional 3,115,709 shares in the last quarter. Hedge funds and other institutional investors own 71.42% of the company’s stock.

Shares of NYSE:ECA opened at $4.42 on Tuesday. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 5.14, a PEG ratio of 0.97 and a beta of 2.00. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.70. Encana Corp has a 12-month low of $3.92 and a 12-month high of $13.61. The business’s 50 day moving average is $4.53 and its 200 day moving average is $6.01.

Encana (NYSE:ECA) (TSE:ECA) last posted its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. Encana had a return on equity of 10.76% and a net margin of 16.73%. The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $1.75 billion. As a group, equities research analysts expect that Encana Corp will post 0.59 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.0188 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.08 annualized dividend and a yield of 1.70%. Encana’s dividend payout ratio is currently 9.30%.

In other Encana news, Director Bruce Gordon Waterman acquired 50,000 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were acquired at an average price of $5.06 per share, with a total value of $253,000.00. Following the completion of the transaction, the director now owns 250,000 shares in the company, valued at $1,265,000. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Douglas James Suttles acquired 10,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $6.01 per share, for a total transaction of $60,100.00. Following the transaction, the chief executive officer now owns 163,512 shares of the company’s stock, valued at approximately $982,707.12. The disclosure for this purchase can be found here. In the last three months, insiders acquired 145,800 shares of company stock worth $713,300. Insiders own 0.11% of the company’s stock.

Several equities research analysts have recently commented on the company. Citigroup set a $11.00 price objective on Encana and gave the company a “buy” rating in a report on Friday, May 24th. SunTrust Banks assumed coverage on Encana in a report on Tuesday, July 30th. They set a “hold” rating and a $4.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on Encana in a report on Monday, April 29th. They set a “neutral” rating and a $12.00 price objective for the company. TD Securities decreased their price objective on Encana from $11.00 to $10.50 and set a “buy” rating for the company in a report on Wednesday, May 1st. Finally, National Bank Financial lifted their target price on Encana from $8.50 to $9.50 and gave the company an “outperform” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $10.33.

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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Institutional Ownership by Quarter for Encana (NYSE:ECA)

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