Verition Fund Management LLC Grows Holdings in Encana Corp (ECA)

Verition Fund Management LLC raised its stake in Encana Corp (NYSE:ECA) (TSE:ECA) by 122.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,829 shares of the oil and gas company’s stock after buying an additional 35,749 shares during the period. Verition Fund Management LLC’s holdings in Encana were worth $846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. FMR LLC raised its stake in shares of Encana by 70.2% during the 2nd quarter. FMR LLC now owns 41,979,114 shares of the oil and gas company’s stock worth $548,226,000 after acquiring an additional 17,318,112 shares in the last quarter. Morgan Stanley increased its stake in Encana by 34.2% during the 2nd quarter. Morgan Stanley now owns 19,464,355 shares of the oil and gas company’s stock valued at $254,011,000 after purchasing an additional 4,962,470 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Encana by 37.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,307,169 shares of the oil and gas company’s stock valued at $186,745,000 after purchasing an additional 3,900,950 shares in the last quarter. CIBC World Markets Inc. increased its stake in Encana by 3.0% during the 1st quarter. CIBC World Markets Inc. now owns 11,341,531 shares of the oil and gas company’s stock valued at $124,757,000 after purchasing an additional 326,637 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Encana by 140.6% during the 1st quarter. Millennium Management LLC now owns 10,003,511 shares of the oil and gas company’s stock valued at $110,039,000 after purchasing an additional 5,846,286 shares in the last quarter. 66.82% of the stock is owned by institutional investors.

A number of research analysts have issued reports on ECA shares. TD Securities set a $17.00 price target on shares of Encana and gave the company a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research upgraded shares of Encana from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Wednesday, July 18th. Desjardins restated a “buy” rating and set a $17.00 price target on shares of Encana in a research note on Friday, July 27th. ValuEngine upgraded shares of Encana from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Finally, National Bank Financial upped their price target on shares of Encana from $18.00 to $22.00 and gave the company a “$12.96” rating in a research note on Wednesday, July 18th. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Encana presently has an average rating of “Buy” and a consensus price target of $16.21.

ECA stock opened at $13.07 on Tuesday. The firm has a market capitalization of $12.07 billion, a PE ratio of 30.40, a price-to-earnings-growth ratio of 1.81 and a beta of 2.02. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.57. Encana Corp has a 12 month low of $9.79 and a 12 month high of $14.31.

Encana (NYSE:ECA) (TSE:ECA) last released its quarterly earnings data on Wednesday, August 1st. The oil and gas company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.12 by $0.09. The business had revenue of $983.00 million for the quarter, compared to the consensus estimate of $1.14 billion. Encana had a net margin of 1.49% and a return on equity of 7.30%. research analysts expect that Encana Corp will post 0.7 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be issued a $0.15 dividend. This is an increase from Encana’s previous quarterly dividend of $0.02. This represents a $0.60 annualized dividend and a dividend yield of 4.59%. The ex-dividend date of this dividend is Thursday, September 13th. Encana’s dividend payout ratio is 13.95%.

About Encana

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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Institutional Ownership by Quarter for Encana (NYSE:ECA)

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