Marshall Wace LLP bought a new position in Encana Corp (NYSE:ECA) (TSE:ECA) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 500,200 shares of the oil and gas company’s stock, valued at approximately $6,528,000. Marshall Wace LLP owned approximately 0.05% of Encana at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of ECA. Tuttle Tactical Management lifted its position in Encana by 434.6% in the second quarter. Tuttle Tactical Management now owns 79,120 shares of the oil and gas company’s stock valued at $1,032,000 after purchasing an additional 64,320 shares during the last quarter. Caption Management LLC bought a new stake in Encana in the second quarter valued at approximately $1,879,000. Bank of America Corp DE lifted its position in Encana by 20.4% in the second quarter. Bank of America Corp DE now owns 2,938,703 shares of the oil and gas company’s stock valued at $38,350,000 after purchasing an additional 498,862 shares during the last quarter. Morgan Stanley lifted its position in Encana by 34.2% in the second quarter. Morgan Stanley now owns 19,464,355 shares of the oil and gas company’s stock valued at $254,011,000 after purchasing an additional 4,962,470 shares during the last quarter. Finally, AMP Capital Investors Ltd lifted its position in Encana by 3.2% in the second quarter. AMP Capital Investors Ltd now owns 300,438 shares of the oil and gas company’s stock valued at $3,922,000 after purchasing an additional 9,300 shares during the last quarter. 66.74% of the stock is owned by institutional investors and hedge funds.
Shares of Encana stock opened at $12.17 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.57. The company has a market cap of $11.71 billion, a P/E ratio of 28.30, a price-to-earnings-growth ratio of 1.67 and a beta of 2.01. Encana Corp has a 52 week low of $9.79 and a 52 week high of $14.31.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend is Thursday, September 13th. This is an increase from Encana’s previous quarterly dividend of $0.02. Encana’s dividend payout ratio is currently 13.95%.
ECA has been the subject of several recent research reports. TD Securities set a $17.00 price objective on Encana and gave the company a “buy” rating in a research report on Wednesday, August 1st. Desjardins reiterated a “buy” rating and issued a $17.00 price objective on shares of Encana in a research report on Friday, July 27th. Zacks Investment Research downgraded Encana from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. ValuEngine downgraded Encana from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $19.00 price objective on shares of Encana in a research report on Thursday, July 12th. Two equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $16.08.
Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company holds interests in various assets, including the Montney in northern 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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