Encana Corp (ECA) Received its Third Buy in a Row


After Cowen & Co. and Citigroup gave Encana Corp (NYSE: ECA) a Buy rating last month, the company received another Buy, this time from AltaCorp Captial. Analyst Thomas Matthews reiterated a Buy rating on Encana Corp today and set a price target of $11. The company’s shares opened today at $7.22.

According to TipRanks.com, Matthews is a 3-star analyst with an average return of 2.5% and a 42.2% success rate. Matthews covers the Basic Materials sector, focusing on stocks such as Crescent Point Energy, Bellatrix Exploration, and Obsidian Energy Ltd.

Encana Corp has an analyst consensus of Strong Buy, with a price target consensus of $10, representing a 38.5% upside. In a report issued on April 3, Barclays also initiated coverage with a Buy rating on the stock with a $11 price target.

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Based on Encana Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $1.03 billion. In comparison, last year the company had a net profit of $151 million.

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ECA in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Encana Corp. engages in the production of natural gas, oil and natural gas liquids. It operates through the following segments: Canadian Operations, USA Operations and Market Optimization.

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