Encana (NYSE:ECA) (TSE:ECA) had its price objective dropped by equities researchers at Citigroup from $10.00 to $9.00 in a report issued on Monday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Citigroup‘s price target points to a potential upside of 90.68% from the stock’s current price.
A number of other equities analysts also recently weighed in on ECA. BMO Capital Markets cut their price target on shares of Encana from $9.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. National Bank Financial boosted their price target on shares of Encana from $8.50 to $9.50 and gave the stock an “outperform” rating in a report on Thursday, August 1st. SunTrust Banks initiated coverage on shares of Encana in a report on Tuesday, July 30th. They issued a “hold” rating and a $4.00 price target on the stock. Raymond James reissued an “outperform” rating and issued a $10.00 price target on shares of Encana in a report on Thursday, August 1st. Finally, Morgan Stanley cut their price target on shares of Encana from $6.50 to $6.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $9.55.
ECA opened at $4.72 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 5.49, a P/E/G ratio of 1.42 and a beta of 1.98. The firm’s fifty day moving average price is $4.49 and its two-hundred day moving average price is $5.63. Encana has a 1 year low of $3.92 and a 1 year high of $13.61.
In other Encana news, Director Fred J. Fowler acquired 25,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $4.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director now directly owns 30,000 shares in the company, valued at $120,000. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Corey Douglas Code acquired 10,000 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were acquired at an average cost of $4.06 per share, for a total transaction of $40,600.00. Following the completion of the acquisition, the chief financial officer now owns 52,463 shares of the company’s stock, valued at $212,999.78. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 66,000 shares of company stock worth $276,200. Insiders own 0.11% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Pinnacle Associates Ltd. increased its position in shares of Encana by 43.6% during the second quarter. Pinnacle Associates Ltd. now owns 23,050 shares of the oil and gas company’s stock valued at $118,000 after buying an additional 7,000 shares during the period. Cerebellum GP LLC increased its position in shares of Encana by 56.4% during the second quarter. Cerebellum GP LLC now owns 72,456 shares of the oil and gas company’s stock valued at $372,000 after buying an additional 26,137 shares during the period. CoreCommodity Management LLC increased its position in shares of Encana by 4.0% during the second quarter. CoreCommodity Management LLC now owns 211,075 shares of the oil and gas company’s stock valued at $1,083,000 after buying an additional 8,064 shares during the period. Magnus Financial Group LLC bought a new stake in shares of Encana during the first quarter valued at about $183,000. Finally, Wellington Shields & Co. LLC bought a new stake in shares of Encana during the first quarter valued at about $312,000. Hedge funds and other institutional investors own 68.18% 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. 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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