Gluskin Sheff & Assoc Inc. cut its stake in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 26.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,610,091 shares of the oil and gas company’s stock after selling 962,486 shares during the quarter. Encana makes up approximately 1.6% of Gluskin Sheff & Assoc Inc.’s holdings, making the stock its 29th biggest position. Gluskin Sheff & Assoc Inc.’s holdings in Encana were worth $28,707,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Encana by 2.2% in the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 296,467 shares of the oil and gas company’s stock worth $3,952,000 after purchasing an additional 6,475 shares during the period. AGF Investments Inc. boosted its stake in Encana by 73.0% in the 4th quarter. AGF Investments Inc. now owns 722,800 shares of the oil and gas company’s stock worth $9,643,000 after purchasing an additional 305,000 shares during the period. Two Sigma Advisers LP boosted its stake in Encana by 53.9% in the 4th quarter. Two Sigma Advisers LP now owns 595,832 shares of the oil and gas company’s stock worth $7,969,000 after purchasing an additional 208,800 shares during the period. Hartree Partners LP boosted its stake in Encana by 25.0% in the 4th quarter. Hartree Partners LP now owns 143,750 shares of the oil and gas company’s stock worth $1,916,000 after purchasing an additional 28,750 shares during the period. Finally, Quantitative Investment Management LLC bought a new position in Encana in the 4th quarter worth approximately $430,000. Institutional investors own 66.50% of the company’s stock.
A number of research firms have recently commented on ECA. ValuEngine downgraded Encana from a “hold” rating to a “sell” rating in a research report on Monday, April 2nd. Morgan Stanley lowered their target price on Encana from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, April 16th. Scotiabank upgraded Encana from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $13.00 to $14.00 in a research report on Friday, February 16th. AltaCorp Capital upgraded Encana from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, February 7th. Finally, Zacks Investment Research downgraded Encana from a “hold” rating to a “sell” rating in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $15.46.
NYSE:ECA opened at $12.20 on Thursday. Encana Corp has a fifty-two week low of $8.01 and a fifty-two week high of $14.31. The firm has a market cap of $11.70 billion, a P/E ratio of 28.37, a P/E/G ratio of 1.98 and a beta of 2.00. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.16 and a current ratio of 1.16.
Encana (NYSE:ECA) (TSE:ECA) last released its quarterly earnings results on Tuesday, May 1st. The oil and gas company reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.03. Encana had a return on equity of 6.96% and a net margin of 12.24%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.11 billion. sell-side analysts forecast that Encana Corp will post 0.61 EPS for the current year.
Encana announced that its board has authorized a stock buyback plan on Thursday, February 15th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a dividend of $0.015 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.06 annualized dividend and a yield of 0.49%. Encana’s payout ratio is presently 13.95%.
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. 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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