Financial Gravity Wealth Inc. Acquires Shares of 33,875 Encana Corp (ECA)
Financial Gravity Wealth Inc. acquired a new position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 33,875 shares of the oil and gas company’s stock, valued at approximately $251,000.
Other institutional investors also recently made changes to their positions in the company. Shine Investment Advisory Services Inc. acquired a new stake in shares of Encana during the first quarter worth $26,000. American Research & Management Co. acquired a new stake in shares of Encana during the first quarter worth $27,000. Focused Wealth Management Inc grew its stake in shares of Encana by 200.0% during the fourth 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 during the period. TCI Wealth Advisors Inc. grew its stake in shares of Encana by 383.9% during the first quarter. TCI Wealth Advisors Inc. now owns 4,892 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 3,881 shares during the period. Finally, Lindbrook Capital LLC acquired a new stake in shares of Encana during the fourth quarter worth $36,000. 77.33% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on ECA. AltaCorp Capital reaffirmed an “outperform” rating on shares of Encana in a research note on Monday, April 8th. Cowen reaffirmed a “hold” rating and set a $10.00 price objective on shares of Encana in a research note on Wednesday, February 20th. Mizuho began coverage on Encana in a research note on Tuesday, January 29th. They set a “neutral” rating and a $8.00 price objective for the company. CSFB reaffirmed an “outperform” rating and set a $10.00 price objective on shares of Encana in a research note on Thursday, March 7th. Finally, CIBC raised Encana from a “sector underperform” rating to a “neutral” rating in a research note on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $11.78.
NYSE:ECA opened at $7.23 on Friday. Encana Corp has a 1 year low of $5.00 and a 1 year high of $14.28. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of 8.41, a price-to-earnings-growth ratio of 0.54 and a beta of 2.10.
Encana (NYSE:ECA) (TSE:ECA) last posted its earnings results on Thursday, February 28th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.18. Encana had a return on equity of 12.08% and a net margin of 18.00%. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $1.50 billion. As a group, equities research analysts anticipate that Encana Corp will post 0.61 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.019 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 1.05%. This is a boost from Encana’s previous quarterly dividend of $0.02. The ex-dividend date was Thursday, March 14th. Encana’s payout ratio is presently 9.30%.
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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.
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