Encana (ECA) Shares Gap Down to $6.48

Encana Corp (NYSE:ECA) (TSE:ECA) shares gapped down before the market opened on Thursday . The stock had previously closed at $6.66, but opened at $6.48. Encana shares last traded at $6.00, with a volume of 36720297 shares traded.

ECA has been the topic of several recent research reports. Goldman Sachs Group initiated coverage on Encana in a report on Tuesday, March 5th. They set a “buy” rating and a $9.00 target price on the stock. TD Securities cut their target price on Encana from $16.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, February 14th. Macquarie raised Encana from a “neutral” rating to an “outperform” rating and set a $7.28 target price on the stock in a report on Monday, March 4th. Jefferies Financial Group reaffirmed a “buy” rating and set a $10.00 target price on shares of Encana in a report on Wednesday, January 30th. Finally, Barclays initiated coverage on Encana in a report on Wednesday, April 3rd. They set an “overweight” rating and a $11.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Encana currently has a consensus rating of “Buy” and a consensus target price of $11.79.

The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $9.84 billion, a price-to-earnings ratio of 6.98, a PEG ratio of 0.88 and a beta of 2.05.

Encana (NYSE:ECA) (TSE:ECA) last posted its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. Encana had a return on equity of 10.79% and a net margin of 11.48%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company posted $0.16 EPS. As a group, equities analysts anticipate that Encana Corp will post 0.78 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.0188 dividend. This represents a $0.08 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Thursday, June 13th. Encana’s dividend payout ratio (DPR) is presently 9.30%.

In other news, COO Michael Gerard Mcallister bought 5,200 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average cost of $6.97 per share, with a total value of $36,244.00. Following the transaction, the chief operating officer now directly owns 36,377 shares of the company’s stock, valued at approximately $253,547.69. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Suzanne P. Nimocks bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was purchased at an average cost of $6.65 per share, with a total value of $66,500.00. Following the completion of the transaction, the director now directly owns 25,600 shares in the company, valued at $170,240. The disclosure for this purchase can be found here. Over the last three months, insiders bought 41,650 shares of company stock valued at $264,482. Corporate insiders own 0.11% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in Encana by 47.4% in the 1st quarter. Wellington Management Group LLP now owns 133,350,867 shares of the oil and gas company’s stock valued at $965,721,000 after buying an additional 42,907,721 shares in the last quarter. Letko Brosseau & Associates Inc. increased its position in Encana by 49.4% in the 1st quarter. Letko Brosseau & Associates Inc. now owns 34,570,422 shares of the oil and gas company’s stock valued at $250,490,000 after buying an additional 11,430,978 shares in the last quarter. FMR LLC increased its position in Encana by 37.7% in 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 buying an additional 7,871,376 shares in the last quarter. Mackenzie Financial Corp increased its position in Encana by 83.5% in the 4th quarter. Mackenzie Financial Corp now owns 21,176,898 shares of the oil and gas company’s stock valued at $122,402,000 after buying an additional 9,633,795 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in Encana by 97.5% in the 1st quarter. CIBC Asset Management Inc now owns 19,378,549 shares of the oil and gas company’s stock valued at $140,370,000 after buying an additional 9,568,284 shares in the last quarter. 58.43% of the stock is owned by institutional investors and hedge funds.

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Encana Company Profile (NYSE:ECA)

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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