GMP FirstEnergy Releases a Hold Rating on Encana Corp

By Ryan Adsit

GMP FirstEnergy analyst Michael Dunn reiterated a Hold rating on Encana Corp (NYSE: ECA) today and set a price target of $13.25. The company’s shares opened today at $11.71.

Dunn has an average return of 1.5% when recommending Encana Corp.

According to TipRanks.com, Dunn is ranked #4365 out of 4558 analysts.

Currently, the analyst consensus on Encana Corp is Moderate Buy and the average price target is $14.86, representing a 26.9% upside.

In a report issued on March 29, Desjardins also reiterated a Hold rating on the stock with a $13.75 price target.

Based on Encana Corp’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $986 million and GAAP net loss of $281 million. In comparison, last year the company earned revenue of $630 million and had a GAAP net loss of $379 million.

Based on the recent corporate insider activity of 22 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.

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Encana Corp. operates as a natural gas company. It focuses on developing its portfolio of diverse resource plays producing natural gas, oil and natural gas liquids. The company operates through three 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. Encana was founded in April 5, 2002 and is headquartered in Calgary, Canada.