CIBC Private Wealth Group LLC bought a new stake in Encana Corp (NYSE:ECA) (TSE:ECA) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,500,408 shares of the oil and gas company’s stock, valued at approximately $8,672,000.
A number of other institutional investors also recently added to or reduced their stakes in ECA. Focused Wealth Management Inc boosted its position in Encana by 200.0% in the 4th quarter. Focused Wealth Management Inc now owns 6,000 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 12,000 shares in the last quarter. Pinnacle Associates Ltd. acquired a new position in Encana in the 4th quarter valued at $84,000. Janney Montgomery Scott LLC raised its stake in Encana by 24.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 15,928 shares of the oil and gas company’s stock valued at $92,000 after purchasing an additional 3,166 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Encana in the 4th quarter worth $101,000. Finally, Riverhead Capital Management LLC increased its stake in shares of Encana by 421.1% in the 3rd quarter. Riverhead Capital Management LLC now owns 8,338 shares of the oil and gas company’s stock worth $108,000 after acquiring an additional 6,738 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.
In related news, insider Douglas James Suttles bought 5,000 shares of the business’s stock in a transaction on Thursday, December 6th. The shares were bought at an average cost of $6.42 per share, for a total transaction of $32,100.00. Following the completion of the acquisition, the insider now directly owns 154,212 shares in the company, valued at $990,041.04. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Fred J. Fowler bought 10,000 shares of the business’s stock in a transaction on Tuesday, December 18th. The shares were bought at an average price of $5.64 per share, for a total transaction of $56,400.00. Following the completion of the acquisition, the director now owns 25,000 shares of the company’s stock, valued at $141,000. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 31,500 shares of company stock valued at $192,870. 0.09% of the stock is owned by corporate insiders.
A number of analysts recently issued reports on the company. Zacks Investment Research downgraded Encana from a “buy” rating to a “hold” rating in a research report on Friday, October 19th. Raymond James cut Encana from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the company from $18.00 to $17.00 in a research note on Friday, November 2nd. BMO Capital Markets cut Encana from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $18.00 to $12.00 in a research note on Friday, November 2nd. Desjardins lowered Encana from a “buy” rating to a “hold” rating and cut their target price for the stock from $17.00 to $13.00 in a research report on Friday, November 2nd. Finally, ValuEngine lowered Encana from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $14.22.
Shares of Encana stock opened at $6.40 on Thursday. The firm has a market capitalization of $5.93 billion, a PE ratio of 14.88, a price-to-earnings-growth ratio of 0.44 and a beta of 2.09. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.57. Encana Corp has a 12 month low of $5.00 and a 12 month high of $14.28.
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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