Public Sector Pension Investment Board Adjusts Its Investment in Encana Corporation (ECA)

Marco Green
August 13, 2017

Russell Investments Group Ltd. increased its stake in Encana Corporation (NYSE:ECA) (TSE:ECA) by 39.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. Steadfast Capital Management LP now owns 19,974,573 shares of the oil and gas company's stock valued at $233,902,000 after buying an additional 2,164,300 shares during the last quarter. Foundation Resource Management Inc. owned 0.14% of Encana Corporation worth $11,705,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Encana Corporation earned a news impact score of 0.19 on Accern's scale.

Shares of Encana Corporation (NYSE:ECA) tumbled -1.110% in morning trade Wednesday. Causeway Capital Management LLC boosted its position in Encana Corporation by 95.2% in the first quarter. CIBC Asset Management Inc now owns 6,575,705 shares of the oil and gas company's stock valued at $57,790,000 after buying an additional 3,131,997 shares in the last quarter.

Howard Hughes Medical Institute trimmed its holdings by shedding 10,815 shares a decrease of 7.5% from 03/31/2017 to 06/30/2017. Virtu KCG Holdings LLC now owns 289,096 shares of the oil and gas company's stock valued at $2,544,000 after buying an additional 176,772 shares during the period. Finally, Steadfast Capital Management LP boosted its position in Encana Corporation by 12.2% in the first quarter. MML Investors Services LLC now owns 39,527 shares of the oil and gas company's stock valued at $348,000 after buying an additional 14,028 shares during the period. Institutional investors own 73.10% of the company's stock. The stock of Encana Corp (USA) (NYSE:ECA) has "Hold" rating given on Friday, March 31 by Desjardins Securities. About 3.42 million shares traded. Current price places the company's stock -11.39% away from its 200-day simple moving average, 5.21%, away from the 50-day average and also 0.04% away from 20-day average.

The P/E ratio is now 11.49 and market cap is 9.38B.

The average 12 month target price among brokers that have covered the stock in the previous year is $13.13. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.03 by $0.15. Encana Corporation had a return on equity of 6.25% and a net margin of 19.09%.

Encana Corp (NYSE:ECA) has average revenue estimates of $906.12 Million, compared to low analyst estimates of $798.16 Million and high estimates of $1.02 Billion for the current quarter. Over the past five trading sessions it is -0.31%; 10.26% for the month; -13.76% for the last quarter; -17.12% for the past six-months; and 11.64% for the last 12 months. They expect $0.51 EPS, down 10.53% or $0.06 from last year's $0.57 per share. The company also recently announced a dividend that will be paid on Friday the 29th of September 2017. Stockholders of record on Friday, September 15th will be paid a $0.015 dividend. The ex-dividend date is Thurs, Sep 14th. this indicates a $0.06 annual dividend and a payout of of 0.63%. However the company reported $0.04 earnings per share for the same quarter during past year. If you are accessing this piece on another domain, it was stolen and republished in violation of United States and worldwide copyright laws. The stock of Encana Corp (USA) (NYSE:ECA) has "Outperform" rating given on Tuesday, January 24 by Macquarie Research. BMO Capital Markets reaffirmed an outperform rating and set a C$13.00 target price on shares of Encana Corp in a research note on Wednesday, June 21st. Scotiabank reissued an underperform rating and issued a C$15.00 price objective on shares of Encana Corp in a research note on Thursday, April 20th. The stock of Encana Corp (USA) (NYSE:ECA) has "Buy" rating given on Wednesday, April 12 by Canaccord Genuity. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and four have assigned a strong buy rating to the company.

In terms of Buy, Sell or Hold recommendations, Encana Corp (NYSE:ECA) has analysts' mean recommendation of 2.1.

Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids in Canada and the United States.

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