Letko Brosseau & Associates Inc. increased its holdings in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 5.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,377,108 shares of the oil and gas company’s stock after acquiring an additional 1,806,686 shares during the period. Encana comprises approximately 1.9% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 20th largest holding. Letko Brosseau & Associates Inc. owned approximately 2.53% of Encana worth $187,070,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Lee Financial Co acquired a new position in Encana during the 1st quarter worth $26,000. Shine Investment Advisory Services Inc. acquired a new position in Encana during the 1st quarter worth $26,000. American Research & Management Co. acquired a new position in Encana during the 1st quarter worth $27,000. Beutel Goodman & Co Ltd. acquired a new position in Encana during the 1st quarter worth $31,000. Finally, Cribstone Capital Management LLC lifted its holdings in Encana by 85.9% during the 2nd quarter. Cribstone Capital Management LLC now owns 4,913 shares of the oil and gas company’s stock worth $25,000 after buying an additional 2,270 shares in the last quarter. Institutional investors and hedge funds own 69.98% of the company’s stock.
ECA has been the topic of several research reports. Citigroup set a $11.00 price objective on Encana and gave the stock a “buy” rating in a report on Friday, May 24th. Sanford C. Bernstein downgraded Encana from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. Morgan Stanley reduced their price objective on Encana from $6.50 to $6.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. SunTrust Banks initiated coverage on Encana in a report on Tuesday, July 30th. They set a “hold” rating and a $4.00 price objective on the stock. Finally, National Bank Financial upped their price objective on Encana from $8.50 to $9.50 and gave the stock an “outperform” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $10.33.
In other Encana news, Director Fred J. Fowler acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $4.00 per share, with a total value of $100,000.00. Following the purchase, the director now owns 30,000 shares of the company’s stock, valued at approximately $120,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Douglas James Suttles acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were acquired at an average cost of $5.33 per share, for a total transaction of $26,650.00. Following the purchase, the chief executive officer now directly owns 174,212 shares in the company, valued at approximately $928,549.96. The disclosure for this purchase can be found here. Insiders have purchased a total of 145,800 shares of company stock worth $713,300 in the last ninety days. 0.11% of the stock is currently owned by company insiders.
Shares of ECA stock traded down $0.19 during trading hours on Thursday, reaching $4.03. The company had a trading volume of 926,305 shares, compared to its average volume of 25,331,508. The firm has a market capitalization of $6.08 billion, a price-to-earnings ratio of 4.72, a price-to-earnings-growth ratio of 1.01 and a beta of 2.00. Encana Corp has a 1-year low of $3.92 and a 1-year 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. The firm’s 50 day simple moving average is $4.62.
Encana (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $1.75 billion. Encana had a return on equity of 10.76% and a net margin of 16.73%. On average, equities analysts predict that Encana Corp will post 0.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.0188 per share. This represents a $0.08 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, September 12th. Encana’s payout ratio is presently 9.30%.
Encana Company Profile
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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