Parallel Advisors LLC boosted its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 168.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,121 shares of the oil and gas company’s stock after purchasing an additional 3,214 shares during the period. Parallel Advisors LLC’s holdings in Encana were worth $37,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Lee Financial Co bought a new position in Encana during the 1st quarter valued at about $26,000. Shine Investment Advisory Services Inc. bought a new position in shares of Encana in the first quarter worth about $26,000. American Research & Management Co. bought a new position in shares of Encana in the first quarter worth about $27,000. Beutel Goodman & Co Ltd. bought a new position in shares of Encana in the first quarter worth about $31,000. Finally, TCI Wealth Advisors Inc. raised its stake in shares of Encana by 383.9% in the first quarter. TCI Wealth Advisors Inc. now owns 4,892 shares of the oil and gas company’s stock worth $35,000 after acquiring an additional 3,881 shares during the last quarter. 54.21% of the stock is owned by hedge funds and other institutional investors.
ECA has been the subject of a number of research analyst reports. Goldman Sachs Group initiated coverage on shares of Encana in a research note on Tuesday, March 5th. They issued a “buy” rating and a $9.00 target price for the company. Cowen reaffirmed a “hold” rating and issued a $10.00 target price on shares of Encana in a research note on Wednesday, February 20th. TD Securities dropped their target price on shares of Encana from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, February 14th. CIBC raised shares of Encana from a “sector underperform” rating to a “neutral” rating in a research note on Thursday, January 31st. Finally, AltaCorp Capital reaffirmed an “outperform” rating on shares of Encana in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $11.79.
Encana (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.09 by $0.05. Encana had a net margin of 11.48% and a return on equity of 10.79%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the previous year, the company earned $0.16 EPS. As a group, equities research analysts forecast that Encana Corp will post 0.76 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.0188 per share. This represents a $0.08 annualized dividend and a dividend yield of 1.10%. The ex-dividend date is Thursday, June 13th. Encana’s dividend payout ratio is 9.30%.
In other news, Director Suzanne P. Nimocks acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was purchased at an average price of $6.65 per share, for a total transaction of $66,500.00. Following the completion of the acquisition, the director now owns 25,600 shares in the company, valued at $170,240. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Michael Gerard Mcallister acquired 5,200 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average price of $6.97 per share, with a total value of $36,244.00. Following the acquisition, the chief operating officer now owns 36,377 shares of the company’s stock, valued at approximately $253,547.69. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 20,850 shares of company stock valued at $139,582. 0.11% of the stock is owned by corporate insiders.
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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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