Morgan Stanley Lowers Encana (NYSE:ECA) Price Target to $6.00

Encana (NYSE:ECA) (TSE:ECA) had its target price decreased by analysts at Morgan Stanley from $6.50 to $6.00 in a research report issued on Friday, BenzingaRatingsTable reports. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective suggests a potential upside of 19.76% from the stock’s current price.

A number of other research analysts also recently issued reports on ECA. TD Securities dropped their price target on Resolute Forest Products from $9.50 to $9.00 and set a “hold” rating on the stock in a research note on Wednesday, May 1st. JPMorgan Chase & Co. set a €118.00 ($137.21) price target on Deutsche Boerse and gave the stock a “neutral” rating in a research note on Monday, April 29th. TheStreet upgraded ExOne from a “d” rating to a “c” rating in a research note on Thursday, March 14th. AltaCorp Capital restated an “outperform” rating on shares of Encana in a research note on Monday, April 8th. Finally, Citigroup set a $27.00 price target on PhaseBio Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $11.11.

ECA opened at $5.01 on Friday. Encana has a one year low of $4.56 and a one year high of $14.28. The stock has a market cap of $7.33 billion, a P/E ratio of 5.83, a P/E/G ratio of 1.08 and a beta of 2.02. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The firm has a 50-day simple moving average of $5.11.

Encana (NYSE:ECA) (TSE:ECA) last released its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. Encana had a return on equity of 10.79% and a net margin of 11.48%. During the same quarter last year, the business posted $0.16 EPS. Analysts forecast that Encana will post 0.63 EPS for the current year.

In other Encana news, COO Michael Gerard Mcallister purchased 5,650 shares of Encana stock in a transaction dated Monday, May 13th. The stock was acquired at an average cost of $6.52 per share, with a total value of $36,838.00. Following the acquisition, the chief operating officer now directly owns 42,027 shares of the company’s stock, valued at $274,016.04. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Suzanne P. Nimocks purchased 10,000 shares of Encana stock in a transaction dated Monday, June 17th. The stock was acquired at an average cost of $4.77 per share, with a total value of $47,700.00. Following the completion of the acquisition, the director now directly owns 35,600 shares in the company, valued at $169,812. The disclosure for this purchase can be found here. Insiders bought a total of 111,450 shares of company stock valued at $585,738 over the last three months. Insiders own 0.11% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of ECA. Comerica Bank lifted its holdings in shares of Encana by 3.2% in the 4th quarter. Comerica Bank now owns 61,116 shares of the oil and gas company’s stock worth $419,000 after acquiring an additional 1,915 shares during the last quarter. New York State Common Retirement Fund bought a new stake in shares of Encana in the 4th quarter worth approximately $4,002,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Encana in the 4th quarter worth approximately $411,000. Advisor Group Inc. lifted its holdings in shares of Encana by 24.1% in the 4th quarter. Advisor Group Inc. now owns 62,999 shares of the oil and gas company’s stock worth $364,000 after acquiring an additional 12,250 shares during the last quarter. Finally, Korea Investment CORP lifted its holdings in shares of Encana by 118.6% in the 4th quarter. Korea Investment CORP now owns 67,686 shares of the oil and gas company’s stock worth $391,000 after acquiring an additional 431,847 shares during the last quarter. 70.24% of the stock is owned by institutional investors and hedge funds.

About Encana

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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