Encana (ECA) Receives “Buy” Rating from Canaccord Genuity

Encana (NYSE:ECA) (TSE:ECA)‘s stock had its “buy” rating reissued by Canaccord Genuity in a research report issued to clients and investors on Tuesday. They presently have a $16.00 price objective on the oil and gas company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 20.21% from the company’s current price.

Several other equities research analysts have also issued reports on ECA. TD Securities reissued a “buy” rating and issued a $12.50 target price on shares of Encana in a report on Sunday, October 1st. GMP Securities reaffirmed a “buy” rating and set a $16.00 price objective on shares of Encana in a report on Friday, September 29th. Citigroup increased their target price on Encana from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, October 19th. Zacks Investment Research upgraded Encana from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Tuesday, October 17th. Finally, BMO Capital Markets set a $14.00 target price on Encana and gave the company a “buy” rating in a research report on Thursday, October 19th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company. Encana presently has an average rating of “Buy” and a consensus target price of $14.61.

Encana (ECA) traded down $0.04 on Tuesday, reaching $13.31. 8,699,500 shares of the company’s stock traded hands, compared to its average volume of 9,448,020. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.60. The company has a market cap of $12,940.00, a PE ratio of 16.64 and a beta of 2.15. Encana has a 1-year low of $8.01 and a 1-year high of $14.01.

Large investors have recently made changes to their positions in the business. Stevens Capital Management LP acquired a new position in Encana in the second quarter valued at approximately $102,000. Gotham Asset Management LLC acquired a new position in Encana in the second quarter valued at approximately $109,000. Commerce Bank acquired a new position in Encana in the third quarter valued at approximately $118,000. First Allied Advisory Services Inc. lifted its holdings in Encana by 13.3% in the second quarter. First Allied Advisory Services Inc. now owns 13,351 shares of the oil and gas company’s stock valued at $119,000 after acquiring an additional 1,567 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in Encana in the second quarter valued at approximately $128,000. 68.94% of the stock is owned by institutional investors.

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About Encana

Encana Corporation is an energy producer that is focused on developing its multi-basin portfolio of natural gas, oil and natural gas liquids (NGLs) producing plays. The Company’s operations also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America.

Analyst Recommendations for Encana (NYSE:ECA)

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