Encana (ECA) Shares Gap Up to $6.10

Shares of Encana Corp (NYSE:ECA) (TSE:ECA) gapped up before the market opened on Tuesday . The stock had previously closed at $5.95, but opened at $6.10. Encana shares last traded at $6.11, with a volume of 65113676 shares changing hands.

A number of analysts recently issued reports on ECA shares. Zacks Investment Research lowered shares of Encana from a “buy” rating to a “hold” rating in a research note on Friday, October 19th. TD Securities dropped their price target on shares of Encana from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday. AltaCorp Capital lowered shares of Encana from an “outperform” rating to a “sector perform” rating in a research note on Friday, November 2nd. Mizuho started coverage on shares of Encana in a research note on Tuesday, January 29th. They issued a “neutral” rating and a $8.00 price target for the company. Finally, Jefferies Financial Group restated a “buy” rating and issued a $10.00 price target on shares of Encana in a research note on Wednesday, January 30th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $13.83.

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The firm has a market capitalization of $6.10 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 0.44 and a beta of 2.09. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.57.

In other Encana news, insider Douglas James Suttles acquired 5,000 shares of the firm’s stock in a transaction on Thursday, December 6th. The stock was purchased at an average price of $6.42 per share, with a total value of $32,100.00. Following the completion of the acquisition, the insider now directly owns 154,212 shares in the company, valued at approximately $990,041.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Fred J. Fowler acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, December 18th. The stock was acquired at an average cost of $5.64 per share, with a total value of $56,400.00. Following the acquisition, the director now owns 25,000 shares of the company’s stock, valued at $141,000. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 31,500 shares of company stock valued at $192,870. 0.09% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in shares of Encana by 70.2% during the second quarter. FMR LLC now owns 41,979,114 shares of the oil and gas company’s stock valued at $548,226,000 after acquiring an additional 17,318,112 shares during the period. BlackRock Inc. boosted its holdings in shares of Encana by 24.5% during the third quarter. BlackRock Inc. now owns 27,563,490 shares of the oil and gas company’s stock valued at $361,359,000 after acquiring an additional 5,428,023 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Encana by 2.2% during the third quarter. Vanguard Group Inc. now owns 26,398,158 shares of the oil and gas company’s stock valued at $346,081,000 after acquiring an additional 561,436 shares during the period. Vanguard Group Inc boosted its holdings in shares of Encana by 2.2% during the third quarter. Vanguard Group Inc now owns 26,398,158 shares of the oil and gas company’s stock valued at $346,081,000 after acquiring an additional 561,436 shares during the period. Finally, Letko Brosseau & Associates Inc. boosted its holdings in shares of Encana by 48.8% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 23,139,444 shares of the oil and gas company’s stock valued at $133,503,000 after acquiring an additional 7,590,059 shares during the period. 67.49% of the stock is owned by hedge funds and other institutional investors.

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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. The company holds interests in various assets, including the Montney in northern 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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