Montgomery Investment Management Inc. Sells 22,017 Shares of Encana Corporation (NYSE:ECA)

Montgomery Investment Management Inc. reduced its position in shares of Encana Corporation (NYSE:ECA) (TSE:ECA) by 19.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,167 shares of the oil and gas company’s stock after selling 22,017 shares during the period. Montgomery Investment Management Inc.’s holdings in Encana Corporation were worth $794,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ECA. Steadfast Capital Management LP raised its stake in shares of Encana Corporation by 12.2% in the first quarter. 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. Eqis Capital Management Inc. raised its stake in shares of Encana Corporation by 44.7% in the first quarter. Eqis Capital Management Inc. now owns 37,687 shares of the oil and gas company’s stock valued at $441,000 after buying an additional 11,642 shares during the last quarter. World Asset Management Inc raised its stake in shares of Encana Corporation by 4.0% in the first quarter. World Asset Management Inc now owns 58,661 shares of the oil and gas company’s stock valued at $687,000 after buying an additional 2,250 shares during the last quarter. Sei Investments Co. raised its stake in shares of Encana Corporation by 84.8% in the first quarter. Sei Investments Co. now owns 321,320 shares of the oil and gas company’s stock valued at $3,763,000 after buying an additional 147,409 shares during the last quarter. Finally, BlueCrest Capital Management Ltd raised its stake in shares of Encana Corporation by 600.0% in the first quarter. BlueCrest Capital Management Ltd now owns 1,100,373 shares of the oil and gas company’s stock valued at $12,885,000 after buying an additional 943,183 shares during the last quarter. Hedge funds and other institutional investors own 73.08% of the company’s stock.

Shares of Encana Corporation (NYSE ECA) traded up 1.21% during midday trading on Friday, hitting $9.17. The company had a trading volume of 10,295,786 shares. The firm has a market capitalization of $8.92 billion, a P/E ratio of 10.93 and a beta of 2.04. The stock has a 50 day moving average price of $9.48 and a 200 day moving average price of $10.51. Encana Corporation has a 1-year low of $8.01 and a 1-year high of $13.85.

Encana Corporation (NYSE:ECA) (TSE:ECA) last announced its earnings results on Friday, July 21st. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.15. Encana Corporation had a net margin of 19.09% and a return on equity of 6.25%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $773.19 million. During the same quarter last year, the business earned $0.10 earnings per share. On average, equities analysts anticipate that Encana Corporation will post $0.50 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.015 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.06 dividend on an annualized basis and a yield of 0.65%. Encana Corporation’s payout ratio is presently 6.98%.

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A number of research firms recently weighed in on ECA. Citigroup Inc. dropped their price target on Encana Corporation from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. Raymond James Financial, Inc. upped their price target on Encana Corporation from $14.00 to $15.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 24th. Macquarie downgraded Encana Corporation from an “outperform” rating to a “neutral” rating in a research note on Wednesday, June 21st. TD Securities increased their price objective on Encana Corporation from $11.50 to $12.50 and gave the stock a “buy” rating in a research note on Monday, July 24th. Finally, BidaskClub raised Encana Corporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $13.32.

Encana Corporation 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.

Institutional Ownership by Quarter for Encana Corporation (NYSE:ECA)

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