Sei Investments Co. lessened its holdings in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 1.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 617,970 shares of the oil and gas company’s stock after selling 9,503 shares during the quarter. Sei Investments Co.’s holdings in Encana were worth $8,239,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of ECA. CIBC Asset Management Inc raised its stake in Encana by 99.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,144,660 shares of the oil and gas company’s stock worth $154,346,000 after buying an additional 6,568,955 shares during the period. Guardian Capital LP raised its stake in Encana by 39.7% during the 3rd quarter. Guardian Capital LP now owns 7,302,829 shares of the oil and gas company’s stock worth $85,750,000 after buying an additional 2,076,822 shares during the period. Alyeska Investment Group L.P. raised its stake in Encana by 1,297.6% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,011,683 shares of the oil and gas company’s stock worth $23,698,000 after buying an additional 1,867,742 shares during the period. Jennison Associates LLC acquired a new stake in Encana during the 3rd quarter worth $13,316,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Encana by 25.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 5,178,191 shares of the oil and gas company’s stock valued at $60,855,000 after purchasing an additional 1,063,726 shares during the period. 69.54% of the stock is currently owned by institutional investors and hedge funds.
In other Encana news, Director Suzanne P. Nimocks purchased 5,000 shares of Encana stock in a transaction that occurred on Wednesday, February 21st. The stock was acquired at an average price of $10.62 per share, for a total transaction of $53,100.00. Following the completion of the acquisition, the director now owns 10,600 shares of the company’s stock, valued at approximately $112,572. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Margaret Anne Mckenzie purchased 10,000 shares of Encana stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average price of $11.16 per share, with a total value of $111,600.00. Following the acquisition, the director now directly owns 22,000 shares of the company’s stock, valued at approximately $245,520. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 20,000 shares of company stock worth $219,410. 0.08% of the stock is owned by company insiders.
Encana declared that its board has approved a share repurchase program on Thursday, February 15th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Wednesday, March 14th. Encana’s dividend payout ratio is currently 7.14%.
Several analysts have issued reports on the company. Zacks Investment Research raised Encana from a “sell” rating to a “hold” rating in a research note on Friday, January 12th. Desjardins raised Encana from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Friday, January 12th. BMO Capital Markets set a $17.00 price target on Encana and gave the company a “buy” rating in a research note on Thursday, January 11th. Royal Bank of Canada lifted their price target on Encana from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, January 16th. Finally, AltaCorp Capital downgraded Encana from an “outperform” rating to a “sector perform” rating and set a $14.50 price target on the stock. in a research note on Monday, January 15th. Two analysts have rated the stock with a sell rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $15.34.
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Encana Company Profile
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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