Encana Corp. Received its Third Buy in a Row

By Jason Carr

After Deutsche Bank and Barclays assigned a Buy rating to Encana Corp. in the last month, the company received another Buy, this time from Nomura Holdings. Analyst Lloyd Byrne reiterated a Buy rating on Encana Corp. (NYSE: ECA) today and set a price target of $15. The company’s shares opened today at $10.09.

According to TipRanks.com, Byrne is a 4-star analyst with an average return of 8.6% and a 62.0% success rate. Byrne covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Parker Drilling Company, and Whiting Petroleum Corp.

Currently, the analyst consensus on Encana Corp. is Strong Buy and the average price target is $13.67, representing a 35.5% upside.

In a report issued on November 4, RBC Capital also upgraded the stock to Buy with a $13 price target.

The company has a one year high of $11.74 and a one year low of $3. Currently, Encana Corp. has an average volume of 17.76M.

Encana Corp. operates as a natural gas company, which focuses on developing its portfolio of diverse resource plays producing natural gas, oil and natural gas liquids. It operates through three reportable segments: Canadian, the United States of America and Market Optimization. The Canadian operations segment engages in the exploration, development, and production of natural gas, oil and natural gas liquids within Canada. The United States of America operations segment engages in the exploration, development, and production of natural gas, oil and natural gas liquids within the United States of America. The Market Optimization segment includes third party purchases and sales of product to provide operational flexibility for transportation commitments, product type, delivery points and customer diversification. The company was founded in 2002 and is headquartered in Calgary, Canada.