RBC Capital Sticks to Its Buy Rating for Encana Corp

By Jason Carr

In a report released yesterday, Gregory Pardy from RBC Capital reiterated a Buy rating on Encana Corp (NYSE: ECA), with a price target of $14. The company’s shares closed last Friday at $10.75.

According to TipRanks.com, Pardy is a 3-star analyst with an average return of 1.5% and a 46.6% success rate. Pardy covers the Basic Materials sector, focusing on stocks such as Penn West Petroleum Ltd, Approach Resources Inc, and Pengrowth Energy Corp.

Currently, the analyst consensus on Encana Corp is Strong Buy and the average price target is $13.34, representing a 24.1% upside.

In a report issued on May 17, Jefferies also reiterated a Buy rating on the stock with a $14 price target.

The company has a one year high of $13.85 and a one year low of $7.22. Currently, Encana Corp has an average volume of 11.19M.

Based on the recent corporate insider activity of 23 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. 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.