OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in Encana Corp (NYSE:ECA) (TSE:ECA) by 22.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,900 shares of the oil and gas company’s stock after buying an additional 11,300 shares during the quarter. OLD Mutual Customised Solutions Proprietary Ltd.’s holdings in Encana were worth $808,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Encana by 274.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 9,002 shares of the oil and gas company’s stock valued at $213,000 after buying an additional 6,600 shares in the last quarter. Clinton Group Inc. bought a new position in shares of Encana in the second quarter valued at $131,000. Advisor Partners LLC acquired a new stake in Encana during the 2nd quarter valued at $134,000. Financial Gravity Wealth Inc. acquired a new stake in Encana during the 1st quarter valued at $142,000. Finally, M&T Bank Corp acquired a new stake in Encana during the 1st quarter valued at $134,000. 66.82% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on ECA shares. TD Securities set a $17.00 price target on Encana and gave the company a “buy” rating in a report on Wednesday, August 1st. Desjardins reaffirmed a “buy” rating and set a $17.00 price target on shares of Encana in a report on Friday, July 27th. Zacks Investment Research downgraded Encana from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Bank of America started coverage on Encana in a report on Tuesday, September 18th. They set a “buy” rating and a $19.00 price target for the company. Finally, ValuEngine downgraded Encana from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Encana has an average rating of “Buy” and an average target price of $16.30.
Encana (NYSE:ECA) (TSE:ECA) last posted its earnings results on Wednesday, August 1st. The oil and gas company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.09. Encana had a return on equity of 7.30% and a net margin of 1.49%. The company had revenue of $983.00 million during the quarter, compared to the consensus estimate of $1.14 billion. On average, sell-side analysts predict that Encana Corp will post 0.69 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 14th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.79%. This is an increase from Encana’s previous quarterly dividend of $0.02. Encana’s dividend payout ratio (DPR) is currently 13.95%.
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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