AQR Capital Management LLC Lowers Position in Encana Corp (NYSE:ECA)

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AQR Capital Management LLC trimmed its stake in Encana Corp (NYSE:ECA) (TSE:ECA) by 41.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 55,386 shares of the oil and gas company’s stock after selling 38,799 shares during the quarter. AQR Capital Management LLC’s holdings in Encana were worth $284,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Cribstone Capital Management LLC grew its stake in Encana by 85.9% during the second quarter. Cribstone Capital Management LLC now owns 4,913 shares of the oil and gas company’s stock worth $25,000 after buying an additional 2,270 shares during the period. CWM LLC grew its stake in Encana by 193.5% during the second quarter. CWM LLC now owns 5,268 shares of the oil and gas company’s stock worth $27,000 after buying an additional 3,473 shares during the period. Price Wealth Management Inc. purchased a new stake in Encana during the second quarter worth approximately $44,000. Addison Capital Co purchased a new stake in Encana during the second quarter worth approximately $52,000. Finally, Meadow Creek Investment Management LLC grew its stake in Encana by 31.0% during the second quarter. Meadow Creek Investment Management LLC now owns 10,890 shares of the oil and gas company’s stock worth $54,000 after buying an additional 2,574 shares during the period. Hedge funds and other institutional investors own 70.67% of the company’s stock.

ECA has been the subject of several research reports. SunTrust Banks initiated coverage on shares of Encana in a research note on Tuesday, July 30th. They set a “hold” rating and a $4.00 price objective for the company. Morgan Stanley decreased their price objective on shares of Encana from $6.50 to $6.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. ValuEngine upgraded shares of Encana from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Citigroup decreased their price objective on shares of Encana from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Finally, BMO Capital Markets decreased their price objective on shares of Encana from $9.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $9.55.

NYSE ECA opened at $4.42 on Friday. The company’s fifty day simple moving average is $4.57 and its 200-day simple moving average is $5.40. Encana Corp has a 52 week low of $3.92 and a 52 week high of $11.63. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.70. The stock has a market cap of $5.44 billion, a P/E ratio of 5.14, a PEG ratio of 1.18 and a beta of 1.98.

Encana (NYSE:ECA) (TSE:ECA) last posted its earnings results on Wednesday, July 31st. The oil and gas company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. Encana had a net margin of 16.73% and a return on equity of 10.76%. The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $1.75 billion. On average, research analysts expect that Encana Corp will post 0.62 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.0188 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.08 annualized dividend and a yield of 1.70%. Encana’s dividend payout ratio is presently 9.30%.

In related news, Director Fred J. Fowler purchased 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average cost of $4.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director now directly owns 30,000 shares of the company’s stock, valued at approximately $120,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Douglas James Suttles purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $4.19 per share, for a total transaction of $41,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 194,212 shares of the company’s stock, valued at $813,748.28. The disclosure for this purchase can be found here. Insiders purchased 66,000 shares of company stock worth $276,200 over the last ninety days. 0.11% of the stock is currently owned by corporate insiders.

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.

Read More: Why do companies issue monthly dividends?

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Institutional Ownership by Quarter for Encana (NYSE:ECA)

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