Park National Corp OH purchased a new stake in Encana Corp (NYSE:ECA) (TSE:ECA) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 10,104 shares of the oil and gas company’s stock, valued at approximately $73,000.
Other hedge funds have also recently made changes to their positions in the company. Foresters Investment Management Company Inc. lifted its holdings in shares of Encana by 23.7% during the 4th quarter. Foresters Investment Management Company Inc. now owns 2,564,800 shares of the oil and gas company’s stock valued at $14,825,000 after purchasing an additional 491,400 shares in the last quarter. Syquant Capital Sas bought a new position in shares of Encana during the 4th quarter valued at about $5,872,000. JPMorgan Chase & Co. lifted its stake in Encana by 197.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,480,217 shares of the oil and gas company’s stock valued at $19,405,000 after acquiring an additional 982,146 shares in the last quarter. Gateway Investment Advisers LLC lifted its stake in Encana by 14.8% in the 4th quarter. Gateway Investment Advisers LLC now owns 158,586 shares of the oil and gas company’s stock valued at $917,000 after acquiring an additional 20,439 shares in the last quarter. Finally, Korea Investment CORP lifted its stake in Encana by 118.6% in the 4th quarter. Korea Investment CORP now owns 67,686 shares of the oil and gas company’s stock valued at $391,000 after acquiring an additional 431,847 shares in the last quarter. Hedge funds and other institutional investors own 77.75% of the company’s stock.
Shares of ECA traded down $0.22 during trading hours on Friday, hitting $7.14. 22,193,012 shares of the company were exchanged, compared to its average volume of 31,482,592. The firm has a market cap of $7.01 billion, a P/E ratio of 8.30, a price-to-earnings-growth ratio of 0.61 and a beta of 2.10. Encana Corp has a fifty-two week low of $5.00 and a fifty-two week high of $14.28. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.13 and a current ratio of 1.13.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.019 per share. This is an increase from Encana’s previous quarterly dividend of $0.02. This represents a $0.08 annualized dividend and a dividend yield of 1.06%. The ex-dividend date was Thursday, March 14th. Encana’s dividend payout ratio is currently 9.30%.
Several equities research analysts have commented on ECA shares. Barclays started coverage on Encana in a research note on Wednesday, April 3rd. They issued an “overweight” rating and a $11.00 target price on the stock. Macquarie upgraded Encana from a “neutral” rating to an “outperform” rating and set a $7.28 target price on the stock in a research note on Monday, March 4th. CIBC upgraded Encana from a “sector underperform” rating to a “neutral” rating in a research note on Thursday, January 31st. Goldman Sachs Group assumed coverage on Encana in a research note on Tuesday, March 5th. They set a “buy” rating and a $9.00 price objective on the stock. Finally, Cowen upgraded Encana from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a research note on Monday, March 11th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have issued a buy rating to the stock. Encana has an average rating of “Buy” and an average price target of $11.78.
In other news, Director Suzanne P. Nimocks bought 10,000 shares of the company’s stock in a transaction on Friday, March 8th. The stock was purchased at an average cost of $6.65 per share, for a total transaction of $66,500.00. Following the completion of the transaction, the director now owns 25,600 shares of the company’s stock, valued at $170,240. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Michael Gerard Mcallister bought 5,200 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $6.97 per share, with a total value of $36,244.00. Following the completion of the transaction, the chief operating officer now directly owns 36,377 shares of the company’s stock, valued at approximately $253,547.69. The disclosure for this purchase can be found here. 0.11% of the stock is owned by corporate 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.
See Also: Convertible Shares
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