Wall Street brokerages expect Encana Corp (NYSE:ECA) (TSE:ECA) to report $1.14 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Encana’s earnings, with the lowest sales estimate coming in at $949.00 million and the highest estimate coming in at $1.28 billion. Encana posted sales of $1.30 billion during the same quarter last year, which would indicate a negative year over year growth rate of 12.3%. The firm is expected to issue its next quarterly earnings results on Tuesday, May 1st.
According to Zacks, analysts expect that Encana will report full year sales of $1.14 billion for the current year, with estimates ranging from $4.19 billion to $5.34 billion. For the next financial year, analysts forecast that the business will post sales of $5.46 billion per share, with estimates ranging from $4.95 billion to $6.21 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Encana.
ECA has been the topic of several research reports. Zacks Investment Research downgraded shares of Encana from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Scotiabank upgraded shares of Encana from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $13.00 to $14.00 in a report on Friday, February 16th. National Bank Financial upped their price objective on shares of Encana from $14.50 to $18.00 and gave the stock an “outperform” rating in a report on Tuesday, January 9th. ValuEngine downgraded shares of Encana from a “hold” rating to a “sell” rating in a report on Friday, March 2nd. Finally, AltaCorp Capital upgraded shares of Encana from a “sector perform” rating to an “outperform” rating in a report on Wednesday, February 7th. Three analysts have rated the stock with a sell rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $15.37.
Encana (ECA) opened at $10.96 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.37 and a current ratio of 1.37. Encana has a 1-year low of $8.01 and a 1-year high of $14.31. The firm has a market cap of $10,840.00, a price-to-earnings ratio of 9.21, a price-to-earnings-growth ratio of 1.46 and a beta of 2.13.
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 dividend of $0.015 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.06 annualized dividend and a yield of 0.55%. Encana’s payout ratio is currently 5.04%.
Encana declared that its board has authorized a stock buyback plan on Thursday, February 15th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Howard John Mayson purchased 2,500 shares of Encana stock in a transaction that occurred on Thursday, March 1st. The stock was bought at an average price of $10.53 per share, for a total transaction of $26,325.00. Following the completion of the transaction, the director now owns 25,104 shares in the company, valued at $264,345.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Suzanne P. Nimocks purchased 5,000 shares of Encana stock in a transaction that occurred on Wednesday, February 21st. The shares were bought at an average price of $10.62 per share, with a total value of $53,100.00. Following the transaction, the director now owns 10,600 shares of the company’s stock, valued at approximately $112,572. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 23,500 shares of company stock valued at $256,395. 0.08% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Encana by 3.8% during the fourth quarter. BlackRock Inc. now owns 25,830,298 shares of the oil and gas company’s stock valued at $344,316,000 after purchasing an additional 952,915 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Encana by 99.9% during 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 purchasing an additional 6,568,955 shares during the last quarter. Guardian Capital LP lifted its holdings in Encana by 39.7% during the third 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. Mackenzie Financial Corp lifted its holdings in Encana by 481.4% during the fourth quarter. Mackenzie Financial Corp now owns 6,537,589 shares of the oil and gas company’s stock valued at $87,146,000 after purchasing an additional 5,413,151 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Encana by 58.4% during the fourth 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. Institutional investors own 67.65% of the company’s stock.
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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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