Encana (NYSE:ECA) (TSE:ECA) announced that its Board of Directors has approved a share repurchase program, which permits the company to buyback $400.00 million in outstanding shares on Thursday, February 15th, EventVestor reports. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Shares of Encana (NYSE:ECA) traded down $0.15 during mid-day trading on Thursday, reaching $11.10. The company’s stock had a trading volume of 4,964,374 shares, compared to its average volume of 8,888,751. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.60. The stock has a market cap of $10,980.00, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.44 and a beta of 2.07. Encana has a 12 month low of $8.01 and a 12 month high of $14.31.

A number of brokerages have recently commented on ECA. Scotiabank raised their price objective on shares of Encana from $12.00 to $13.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 19th. AltaCorp Capital cut shares of Encana from an “outperform” rating to a “sector perform” rating and set a $14.50 price objective on the stock. in a research note on Monday, January 15th. Desjardins raised shares of Encana from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Friday, January 12th. Zacks Investment Research raised shares of Encana from a “sell” rating to a “hold” rating in a research note on Friday, January 12th. Finally, National Bank Financial raised their price objective on shares of Encana from $14.00 to $14.50 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $15.39.

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About Encana

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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