Mobius Capital Management LLC reduced its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 4.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 368,969 shares of the oil and gas company’s stock after selling 15,592 shares during the quarter. Encana accounts for approximately 3.5% of Mobius Capital Management LLC’s investment portfolio, making the stock its 10th biggest holding. Mobius Capital Management LLC’s holdings in Encana were worth $4,837,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ECA. Guggenheim Capital LLC raised its position in Encana by 25.7% during the first quarter. Guggenheim Capital LLC now owns 47,981 shares of the oil and gas company’s stock worth $528,000 after acquiring an additional 9,810 shares in the last quarter. Suntrust Banks Inc. bought a new position in shares of Encana in the first quarter valued at about $165,000. Clinton Group Inc. bought a new position in shares of Encana in the second quarter valued at about $131,000. Hexavest Inc. bought a new position in shares of Encana in the second quarter valued at about $14,634,000. Finally, Addenda Capital Inc. raised its position in shares of Encana by 114.8% in the second quarter. Addenda Capital Inc. now owns 2,122,805 shares of the oil and gas company’s stock valued at $25,670,000 after purchasing an additional 1,134,650 shares during the period. 67.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ECA stock traded up $0.04 on Tuesday, hitting $9.95. The company’s stock had a trading volume of 1,081,328 shares, compared to its average volume of 12,548,540. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.73 and a current ratio of 0.73. Encana Corp has a fifty-two week low of $9.73 and a fifty-two week high of $14.31. The company has a market capitalization of $9.76 billion, a PE ratio of 23.14, a price-to-earnings-growth ratio of 0.93 and a beta of 2.02.
Several equities analysts have recently weighed in on ECA shares. Bank of America started coverage on shares of Encana in a research report on Tuesday, September 18th. They issued a “buy” rating and a $19.00 price objective on the stock. BMO Capital Markets reissued a “buy” rating and issued a $18.00 price objective on shares of Encana in a research report on Thursday, October 11th. TD Securities set a $17.00 price objective on shares of Encana and gave the company a “buy” rating in a research report on Wednesday, August 1st. CIBC started coverage on shares of Encana in a research report on Friday, October 5th. They issued a “neutral” rating on the stock. Finally, Zacks Investment Research raised shares of Encana from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Wednesday, July 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have issued a buy rating to the stock. Encana currently has a consensus rating of “Buy” and an average target price of $16.24.
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. 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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