Cidel Asset Management Inc. cut its stake in Encana Corp (NYSE:ECA) (TSE:ECA) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,849,370 shares of the oil and gas company’s stock after selling 17,175 shares during the period. Cidel Asset Management Inc.’s holdings in Encana were worth $9,564,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in ECA. Meeder Asset Management Inc. acquired a new stake in Encana during the 1st quarter worth approximately $37,000. Creative Planning increased its position in Encana by 95.8% during the 1st quarter. Creative Planning now owns 98,469 shares of the oil and gas company’s stock worth $713,000 after purchasing an additional 48,168 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Encana by 346.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 206,710 shares of the oil and gas company’s stock worth $1,497,000 after purchasing an additional 160,389 shares in the last quarter. Private Capital Group LLC acquired a new stake in Encana during the 1st quarter worth approximately $73,000. Finally, James Investment Research Inc. acquired a new stake in Encana during the 1st quarter worth approximately $175,000. 71.42% of the stock is owned by institutional investors.
In other news, Director Bruce Gordon Waterman acquired 50,000 shares of Encana stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average cost of $5.06 per share, for a total transaction of $253,000.00. Following the completion of the purchase, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $1,265,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Douglas James Suttles acquired 5,000 shares of Encana stock in a transaction that occurred on Monday, June 3rd. The shares were purchased at an average price of $5.33 per share, for a total transaction of $26,650.00. Following the completion of the purchase, the chief executive officer now directly owns 174,212 shares of the company’s stock, valued at $928,549.96. The disclosure for this purchase can be found here. Insiders have purchased 135,000 shares of company stock worth $629,000 over the last 90 days. 0.11% of the stock is currently owned by company insiders.Encana stock opened at $4.32 on Thursday. The stock has a market cap of $5.70 billion, a P/E ratio of 5.02, a price-to-earnings-growth ratio of 1.18 and a beta of 2.00. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.70. The stock has a 50 day moving average of $4.40 and a 200-day moving average of $5.90. Encana Corp has a 52 week low of $3.92 and a 52 week high of $13.61.
Encana (NYSE:ECA) (TSE:ECA) last released its earnings results on Wednesday, July 31st. The oil and gas company reported $0.21 EPS for the quarter, beating 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 company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $1.75 billion. As a group, equities analysts predict that Encana Corp will post 0.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.0188 per share. This represents a $0.08 annualized dividend and a yield of 1.74%. The ex-dividend date is Thursday, September 12th. Encana’s dividend payout ratio (DPR) is presently 9.30%.
A number of analysts recently issued reports on the stock. National Bank Financial increased their target price on shares of Encana from $8.50 to $9.50 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. TD Securities dropped their target price on shares of Encana from $11.00 to $10.50 and set a “buy” rating for the company in a research report on Wednesday, May 1st. SunTrust Banks assumed coverage on shares of Encana in a research report on Tuesday, July 30th. They set a “hold” rating and a $4.00 target price for the company. Raymond James reissued an “outperform” rating and set a $10.00 target price on shares of Encana in a research report on Thursday, August 1st. Finally, Citigroup set a $11.00 price objective on shares of Encana and gave the company a “buy” rating in a research report on Friday, May 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the stock. Encana presently has an average rating of “Buy” and an average price target 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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