Commonwealth Bank of Australia Increases Stock Position in Encana Corp (NYSE:ECA)

Commonwealth Bank of Australia raised its stake in Encana Corp (NYSE:ECA) (TSE:ECA) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 143,864 shares of the oil and gas company’s stock after acquiring an additional 3,000 shares during the period. Commonwealth Bank of Australia’s holdings in Encana were worth $1,039,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ECA. Lee Financial Co acquired a new stake in Encana during the 1st quarter worth approximately $26,000. Shine Investment Advisory Services Inc. purchased a new position in Encana in the 1st quarter worth approximately $26,000. American Research & Management Co. purchased a new position in Encana in the 1st quarter worth approximately $27,000. Beutel Goodman & Co Ltd. purchased a new position in Encana in the 1st quarter worth approximately $31,000. Finally, TCI Wealth Advisors Inc. boosted its holdings in Encana by 383.9% in the 1st quarter. TCI Wealth Advisors Inc. now owns 4,892 shares of the oil and gas company’s stock worth $35,000 after acquiring an additional 3,881 shares during the period. Institutional investors own 70.24% of the company’s stock.

In other Encana news, Director Suzanne P. Nimocks acquired 10,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was purchased at an average cost of $4.77 per share, for a total transaction of $47,700.00. Following the transaction, the director now owns 35,600 shares of the company’s stock, valued at approximately $169,812. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bruce Gordon Waterman acquired 50,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were acquired at an average price of $5.06 per share, with a total value of $253,000.00. Following the completion of the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $1,265,000. The disclosure for this purchase can be found here. Insiders purchased a total of 111,450 shares of company stock valued at $585,738 in the last quarter. 0.11% of the stock is currently owned by corporate insiders.

Several research firms have recently commented on ECA. Citigroup set a $11.00 target price on Encana and gave the company a “buy” rating in a research note on Friday, May 24th. Raymond James reiterated an “outperform” rating and set a $11.00 target price on shares of Encana in a research note on Wednesday, May 1st. TD Securities reduced their target price on Encana from $11.00 to $10.50 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Sanford C. Bernstein lowered Encana from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. began coverage on Encana in a research report on Monday, April 29th. They issued a “neutral” rating and a $12.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $11.69.

ECA stock traded up $0.12 during trading hours on Friday, hitting $5.13. 17,135,100 shares of the stock traded hands, compared to its average volume of 28,582,672. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. Encana Corp has a one year low of $4.56 and a one year high of $14.28. The firm has a market capitalization of $7.21 billion, a P/E ratio of 5.97, a P/E/G ratio of 1.01 and a beta of 2.14. The firm has a 50-day moving average of $5.56.

Encana (NYSE:ECA) (TSE:ECA) last released its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.05. Encana had a return on equity of 10.79% and a net margin of 11.48%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the company posted $0.16 EPS. On average, equities research analysts anticipate that Encana Corp will post 0.66 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.0188 dividend. The ex-dividend date is Thursday, June 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.46%. Encana’s dividend payout ratio (DPR) is 9.30%.

About Encana

Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It holds interests in various assets, including the Montney in northeast 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.

See Also: SEC Filing

Institutional Ownership by Quarter for Encana (NYSE:ECA)

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