Investment Centers of America Inc. raised its stake in Encana Corporation (NYSE:ECA) (TSE:ECA) by 43.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,120 shares of the oil and gas company’s stock after acquiring an additional 9,799 shares during the period. Investment Centers of America Inc.’s holdings in Encana Corporation were worth $281,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Causeway Capital Management LLC grew its position in Encana Corporation by 95.2% in the first quarter. Causeway Capital Management LLC now owns 48,768,776 shares of the oil and gas company’s stock valued at $571,082,000 after acquiring an additional 23,779,815 shares during the period. BlackRock Inc. grew its position in Encana Corporation by 15.4% in the second quarter. BlackRock Inc. now owns 25,264,984 shares of the oil and gas company’s stock valued at $222,330,000 after acquiring an additional 3,368,871 shares during the period. Vanguard Group Inc. grew its position in Encana Corporation by 4.6% in the first quarter. Vanguard Group Inc. now owns 22,637,700 shares of the oil and gas company’s stock valued at $265,086,000 after acquiring an additional 994,074 shares during the period. FMR LLC grew its position in Encana Corporation by 6.3% in the first quarter. FMR LLC now owns 22,080,449 shares of the oil and gas company’s stock valued at $258,686,000 after acquiring an additional 1,309,218 shares during the period. Finally, Steadfast Capital Management LP grew its position in Encana Corporation by 12.2% in the first quarter. Steadfast Capital Management LP now owns 19,974,573 shares of the oil and gas company’s stock valued at $233,902,000 after acquiring an additional 2,164,300 shares during the period. Hedge funds and other institutional investors own 66.75% of the company’s stock.
ECA has been the topic of a number of analyst reports. Royal Bank Of Canada reiterated a “buy” rating and issued a $14.00 price target on shares of Encana Corporation in a research report on Monday, May 29th. Scotiabank upgraded Encana Corporation from an “underperform” rating to a “sector perform” rating and set a $11.00 price target on the stock in a research report on Friday, June 30th. TD Securities lowered their price target on Encana Corporation from $12.50 to $11.50 and set a “hold” rating on the stock in a research report on Tuesday, June 13th. BidaskClub upgraded Encana Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Raymond James Financial, Inc. initiated coverage on Encana Corporation in a research report on Wednesday, May 31st. They issued an “outperform” rating and a $15.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $13.26.
Encana Corporation (NYSE:ECA) opened at 10.67 on Tuesday. The firm has a market cap of $10.38 billion, a price-to-earnings ratio of 12.72 and a beta of 2.06. The stock’s 50 day moving average price is $9.55 and its 200 day moving average price is $10.11. Encana Corporation has a 52 week low of $8.01 and a 52 week high of $13.85.
Encana Corporation (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings data on Friday, July 21st. The oil and gas company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.15. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $773.19 million. Encana Corporation had a return on equity of 6.25% and a net margin of 19.09%. During the same quarter in the previous year, the company posted $0.10 EPS. On average, equities research analysts predict that Encana Corporation will post $0.51 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.015 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.06 dividend on an annualized basis and a yield of 0.56%. Encana Corporation’s dividend payout ratio is currently 6.98%.
About Encana Corporation
Encana Corporation is an energy producer that is focused on developing its multi-basin portfolio of natural gas, oil and natural gas liquids (NGLs) producing plays. The Company’s operations also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America.
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