Industry News

Envestnet Asset Management Inc. Lowers Holdings in Encana Corp (NYSE:ECA)

By September 1, 2019 No Comments

Envestnet Asset Management Inc. decreased its position in Encana Corp (NYSE:ECA) (TSE:ECA) by 25.9% in the second quarter, Holdings Channel reports. The firm owned 460,223 shares of the oil and gas company’s stock after selling 161,172 shares during the period. Envestnet Asset Management Inc.’s holdings in Encana were worth $2,361,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cribstone Capital Management LLC boosted its holdings in shares of Encana by 85.9% in the second quarter. Cribstone Capital Management LLC now owns 4,913 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 2,270 shares during the period. Parallel Advisors LLC lifted its holdings in Encana by 168.5% during the first quarter. Parallel Advisors LLC now owns 5,121 shares of the oil and gas company’s stock worth $37,000 after buying an additional 3,214 shares during the period. CWM LLC lifted its holdings in Encana by 193.5% during the second quarter. CWM LLC now owns 5,268 shares of the oil and gas company’s stock worth $27,000 after buying an additional 3,473 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in Encana during the first quarter worth $58,000. Finally, Oregon Public Employees Retirement Fund purchased a new stake in Encana during the first quarter worth $72,000. Hedge funds and other institutional investors own 71.42% of the company’s stock.

Shares of ECA stock opened at $4.44 on Friday. The business’s fifty day simple moving average is $4.38 and its 200-day simple moving average is $5.88. The company has a market cap of $6.05 billion, a PE ratio of 5.35, a PEG ratio of 1.25 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. Encana Corp has a 12-month low of $3.92 and a 12-month high of $13.61.

Encana (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $1.75 billion. Encana had a return on equity of 10.76% and a net margin of 16.73%. On average, equities analysts forecast that Encana Corp will post 0.62 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.0188 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Thursday, September 12th. Encana’s payout ratio is presently 9.30%.

In other news, Director Suzanne P. Nimocks bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were purchased at an average cost of $4.77 per share, with a total value of $47,700.00. Following the transaction, the director now directly owns 35,600 shares in the company, valued at $169,812. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Douglas James Suttles bought 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average cost of $5.33 per share, for a total transaction of $26,650.00. Following the completion of the transaction, the chief executive officer now owns 174,212 shares in the company, valued at $928,549.96. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 135,000 shares of company stock worth $629,000. Insiders own 0.11% of the company’s stock.

A number of analysts have weighed in on the company. Raymond James restated an “outperform” rating and set a $10.00 target price on shares of Encana in a report on Thursday, August 1st. National Bank Financial upped their target price on Encana from $8.50 to $9.50 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Citigroup set a $11.00 target price on Encana and gave the stock a “buy” rating in a report on Friday, May 24th. Morgan Stanley lowered their target price on Encana from $6.50 to $6.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Finally, SunTrust Banks assumed coverage on Encana in a report on Tuesday, July 30th. They set a “hold” rating and a $4.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $10.33.

Encana 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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