Bank of America Corp DE boosted its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 20.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,938,703 shares of the oil and gas company’s stock after purchasing an additional 498,862 shares during the period. Bank of America Corp DE’s holdings in Encana were worth $38,350,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Envestnet Asset Management Inc. raised its stake in shares of Encana by 10.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 42,317 shares of the oil and gas company’s stock valued at $467,000 after acquiring an additional 4,082 shares during the period. IFP Advisors Inc raised its stake in shares of Encana by 14.6% in the 1st quarter. IFP Advisors Inc now owns 48,765 shares of the oil and gas company’s stock valued at $536,000 after acquiring an additional 6,210 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Encana by 274.8% in the 2nd 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 acquiring an additional 6,600 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Encana by 37.2% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 26,310 shares of the oil and gas company’s stock valued at $343,000 after acquiring an additional 7,140 shares during the period. Finally, AMP Capital Investors Ltd raised its stake in shares of Encana by 3.2% in the 2nd quarter. AMP Capital Investors Ltd now owns 300,438 shares of the oil and gas company’s stock valued at $3,922,000 after acquiring an additional 9,300 shares during the period. 66.82% of the stock is currently owned by institutional investors.
Shares of ECA stock opened at $13.04 on Thursday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $12.48 billion, a P/E ratio of 30.73, a price-to-earnings-growth ratio of 1.87 and a beta of 2.01. Encana Corp has a fifty-two week low of $9.79 and a fifty-two week high of $14.31.
Encana (NYSE:ECA) (TSE:ECA) last announced its quarterly earnings data on Wednesday, August 1st. The oil and gas company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.09. The firm had revenue of $983.00 million during the quarter, compared to analysts’ expectations of $1.14 billion. Encana had a net margin of 1.49% and a return on equity of 7.30%. research analysts predict that Encana Corp will post 0.7 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a $0.15 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.60%. This is a boost from Encana’s previous quarterly dividend of $0.02. Encana’s payout ratio is 13.95%.
ECA has been the topic of a number of research analyst reports. National Bank Financial boosted their price target on shares of Encana from $18.00 to $22.00 and gave the company a “$12.96” rating in a research note on Wednesday, July 18th. Zacks Investment Research raised shares of Encana from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Friday, August 3rd. Bank of America initiated coverage on shares of Encana in a research note on Tuesday, September 18th. They issued a “buy” rating and a $19.00 price target on the stock. ValuEngine raised shares of Encana from a “hold” rating to a “buy” rating in a research note on Wednesday, June 27th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $19.00 price target on shares of Encana in a research note on Thursday, July 12th. Two equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $16.21.
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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