Ameriprise Financial Inc. Grows Stake in Encana Corp (ECA)

Ameriprise Financial Inc. increased its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 111.5% during the third quarter, HoldingsChannel.com reports. The firm owned 124,266 shares of the oil and gas company’s stock after buying an additional 65,508 shares during the period. Ameriprise Financial Inc.’s holdings in Encana were worth $1,464,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Encana by 15.4% in the second quarter. BlackRock Inc. now owns 25,264,984 shares of the oil and gas company’s stock valued at $222,330,000 after acquiring an additional 3,368,871 shares during the period. Vanguard Group Inc. grew its position in Encana by 4.3% in the second quarter. Vanguard Group Inc. now owns 23,620,300 shares of the oil and gas company’s stock valued at $207,858,000 after acquiring an additional 982,600 shares during the period. Steadfast Capital Management LP grew its position in Encana by 5.0% in the second quarter. Steadfast Capital Management LP now owns 20,963,596 shares of the oil and gas company’s stock valued at $184,480,000 after acquiring an additional 989,023 shares during the period. CIBC Asset Management Inc grew its position in Encana by 99.9% in the third quarter. CIBC Asset Management Inc now owns 13,144,660 shares of the oil and gas company’s stock valued at $154,346,000 after acquiring an additional 6,568,955 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Encana by 25.9% in the third quarter. Russell Investments Group Ltd. now owns 5,178,191 shares of the oil and gas company’s stock valued at $60,855,000 after acquiring an additional 1,063,726 shares during the period. Institutional investors and hedge funds own 68.94% of the company’s stock.

Shares of Encana Corp (NYSE ECA) opened at $13.64 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market capitalization of $13,290.00, a price-to-earnings ratio of 17.05 and a beta of 2.15. Encana Corp has a 1-year low of $8.01 and a 1-year high of $14.01.

The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Thursday, December 14th. Encana’s dividend payout ratio (DPR) is presently 7.50%.

A number of analysts have weighed in on the company. National Bank Financial upped their price target on Encana from $14.50 to $18.00 and gave the company an “outperform” rating in a research report on Tuesday. Canaccord Genuity reiterated a “buy” rating and issued a $16.00 price target on shares of Encana in a research report on Tuesday. Zacks Investment Research cut Encana from a “hold” rating to a “sell” rating in a research report on Tuesday, December 19th. Barclays upped their price target on Encana from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Monday, November 20th. Finally, TD Securities upped their price target on Encana from $14.50 to $15.00 and gave the company a “buy” rating in a research report on Thursday, November 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $14.77.

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Encana Profile

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.

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Institutional Ownership by Quarter for Encana (NYSE:ECA)

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