Polar Asset Management Partners Inc. acquired a new stake in Encana Corp (NYSE:ECA) (TSE:ECA) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 260,000 shares of the oil and gas company’s stock, valued at approximately $1,334,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Davis Selected Advisers lifted its position 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 worth $258,023,000 after acquiring an additional 9,233,820 shares during the period. Vanguard Group Inc. lifted its position 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 worth $226,187,000 after acquiring an additional 1,200,640 shares during the period. Letko Brosseau & Associates Inc. lifted its holdings in shares of Encana by 5.2% in 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 buying an additional 1,806,686 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Encana by 188.5% in the 1st quarter. Clearbridge Investments LLC now owns 34,195,526 shares of the oil and gas company’s stock valued at $247,576,000 after buying an additional 22,343,259 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Encana by 80.2% in 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 buying an additional 13,076,923 shares during the period. Institutional investors and hedge funds own 68.18% of the company’s stock.
ECA stock traded down $0.12 during midday trading on Thursday, hitting $4.91. 13,831,423 shares of the stock were exchanged, compared to its average volume of 23,097,576. The stock’s 50-day moving average price is $4.44 and its 200-day moving average price is $5.70. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 5.71, a PEG ratio of 1.60 and a beta of 1.98. Encana Corp has a fifty-two week low of $3.92 and a fifty-two week high of $13.61. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.80 and a current ratio of 0.80.
Encana (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.03. The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Encana had a return on equity of 10.76% and a net margin of 16.73%. Research analysts anticipate that Encana Corp will post 0.6 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.0188 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.08 annualized dividend and a yield of 1.53%. Encana’s dividend payout ratio is presently 9.30%.
Several research firms have recently commented on ECA. BMO Capital Markets reduced their price target on Encana from $9.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Citigroup set a $11.00 price target on Encana and gave the company a “buy” rating in a report on Friday, May 24th. National Bank Financial raised their price target on Encana from $8.50 to $9.50 and gave the company an “outperform” rating in a report on Thursday, August 1st. 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 reduced 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. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $9.73.
In related news, CEO Douglas James Suttles purchased 10,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was bought at an average price of $4.19 per share, with a total value of $41,900.00. Following the completion of the transaction, the chief executive officer now owns 194,212 shares of the company’s stock, valued at approximately $813,748.28. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Fred J. Fowler purchased 25,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $4.00 per share, with a total value of $100,000.00. Following the transaction, the director now directly owns 30,000 shares of the company’s stock, valued at approximately $120,000. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 66,000 shares of company stock valued at $276,200. 0.11% of the stock is currently owned by insiders.
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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