CIBC Private Wealth Group LLC lowered its position in Encana Corp (NYSE:ECA) (TSE:ECA) by 52.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,177,830 shares of the oil and gas company’s stock after selling 1,300,117 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Encana were worth $5,418,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of ECA. Davis Selected Advisers increased its holdings in Encana by 22.5% during the 2nd quarter. Davis Selected Advisers now owns 50,296,797 shares of the oil and gas company’s stock valued at $258,023,000 after purchasing an additional 9,233,820 shares in the last quarter. Vanguard Group Inc. increased its holdings in Encana by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 44,090,911 shares of the oil and gas company’s stock valued at $226,187,000 after purchasing an additional 1,200,640 shares in the last quarter. Letko Brosseau & Associates Inc. increased its holdings in Encana by 5.2% during the 2nd 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 purchasing an additional 1,806,686 shares in the last quarter. Invesco Ltd. increased its holdings in Encana by 80.2% during the 2nd quarter. Invesco Ltd. now owns 29,383,179 shares of the oil and gas company’s stock valued at $150,734,000 after purchasing an additional 13,076,923 shares in the last quarter. Finally, FMR LLC increased its holdings in Encana by 37.7% during the 1st quarter. FMR LLC now owns 28,775,826 shares of the oil and gas company’s stock valued at $208,408,000 after purchasing an additional 7,871,376 shares in the last quarter. 70.39% of the stock is owned by institutional investors and hedge funds.
In related news, Director Brian Gordon Shaw purchased 16,000 shares of Encana stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average cost of $4.45 per share, for a total transaction of $71,200.00. Following the transaction, the director now directly owns 30,000 shares of the company’s stock, valued at $133,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Corey Douglas Code purchased 10,000 shares of Encana stock in a transaction dated Friday, August 23rd. The stock was bought at an average price of $4.06 per share, for a total transaction of $40,600.00. Following the completion of the transaction, the chief financial officer now directly owns 52,463 shares in the company, valued at $212,999.78. The disclosure for this purchase can be found here. Insiders bought a total of 66,000 shares of company stock worth $276,200 over the last 90 days. 0.11% of the stock is owned by corporate insiders.
Encana (NYSE:ECA) (TSE:ECA) last announced its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $1.75 billion. Encana had a return on equity of 10.76% and a net margin of 16.73%. As a group, research analysts forecast that Encana Corp will post 0.61 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.0188 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.08 annualized dividend and a dividend yield of 1.85%. Encana’s dividend payout ratio is currently 9.30%.
ECA has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on Encana from $6.50 to $6.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Citigroup dropped their price target on Encana from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, September 23rd. SunTrust Banks initiated coverage on Encana in a report on Tuesday, July 30th. They set a “hold” rating and a $4.00 price target for the company. National Bank Financial dropped their price target on Encana from $8.50 to $8.00 and set an “outperform” rating for the company in a report on Friday. Finally, Raymond James reaffirmed an “outperform” rating and set a $10.00 price target on shares of Encana in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.27.
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.
Further Reading: Cost of Debt
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