Morgan Stanley Believes Encana Corp (ECA) Still Has Room to Grow

In a report released today, Benny Wong from Morgan Stanley maintained a Buy rating on Encana Corp (NYSE: ECA), with a price target of $20. The company’s shares closed yesterday at $13.32, close to its 52-week high of $14.31.

According to TipRanks.com, Wong is a 1-star analyst with an average return of -1.6% and a 40.0% success rate. Wong covers the Basic Materials sector, focusing on stocks such as Imperial Oil Limited, Hollyfrontier Corp, and Delek US Holdings.

Encana Corp has an analyst consensus of Strong Buy, with a price target consensus of $15.10.

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Based on Encana Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $151 million. In comparison, last year the company earned revenue of $959 million and had a net profit of $431 million.

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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.