Capital Fund Management S.A. lessened its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 43.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,019,864 shares of the oil and gas company’s stock after selling 785,000 shares during the quarter. Capital Fund Management S.A. owned about 0.10% of Encana worth $13,595,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its holdings in Encana by 99.9% in the 3rd 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 purchasing an additional 6,568,955 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Encana by 58.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 6,053,257 shares of the oil and gas company’s stock valued at $80,690,000 after purchasing an additional 2,231,034 shares during the last quarter. Guardian Capital LP increased its holdings in Encana by 39.7% in the 3rd quarter. Guardian Capital LP now owns 7,302,829 shares of the oil and gas company’s stock valued at $85,750,000 after purchasing an additional 2,076,822 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in Encana by 1,297.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,011,683 shares of the oil and gas company’s stock valued at $23,698,000 after purchasing an additional 1,867,742 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in Encana in the 3rd quarter valued at approximately $13,316,000. 67.65% of the stock is currently owned by hedge funds and other institutional investors.
In other Encana news, Director Suzanne P. Nimocks bought 5,000 shares of Encana stock in a transaction dated Wednesday, February 21st. The stock was acquired at an average cost of $10.62 per share, with a total value of $53,100.00. Following the completion of the acquisition, the director now owns 10,600 shares of the company’s stock, valued at $112,572. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Howard John Mayson bought 2,500 shares of Encana stock in a transaction dated Thursday, March 1st. The stock was acquired at an average cost of $10.53 per share, with a total value of $26,325.00. Following the completion of the acquisition, the director now directly owns 25,104 shares of the company’s stock, valued at approximately $264,345.12. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 23,500 shares of company stock valued at $256,395. 0.08% of the stock is owned by corporate insiders.
Shares of Encana Corp (ECA) traded up $0.17 on Friday, reaching $10.96. 6,793,614 shares of the company were exchanged, compared to its average volume of 8,950,000. Encana Corp has a 52-week low of $8.01 and a 52-week high of $14.31. The stock has a market capitalization of $10,840.00, a PE ratio of 9.21, a PEG ratio of 1.46 and a beta of 2.13. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.62.
Encana announced that its Board of Directors has approved a share repurchase plan on Thursday, February 15th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a $0.015 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.06 dividend on an annualized basis and a yield of 0.55%. Encana’s dividend payout ratio (DPR) is presently 5.04%.
Several research firms recently weighed in on ECA. AltaCorp Capital upgraded shares of Encana from a “sector perform” rating to an “outperform” rating in a report on Wednesday, February 7th. Jefferies Group set a $17.00 price target on shares of Encana and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Societe Generale upgraded shares of Encana from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Thursday, February 15th. They noted that the move was a valuation call. Morgan Stanley upgraded shares of Encana from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $15.00 to $18.00 in a research note on Wednesday, January 24th. Finally, Desjardins upgraded shares of Encana from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Friday, January 12th. Three investment analysts have rated the stock with a sell rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $15.37.
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Encana Company 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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