Desjardins Upgrades Encana (NYSE:ECA) to “Buy” From “Hold” Stock Rating

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Desjardins Securities Analyst Rating Change Encana NYSE:ECA

Encana (NYSE:ECA) Upgrade

Trading of Encana (NYSE:ECA)’s shares is going to be interesting today. Desjardins raised the stock from a “Hold” to a “Buy”.

The stock upgrade is welcomed by equity traders, as NYSE:ECA is at the moment trading 0.81% higher at $11.84 as of 8:05 AM New York time. Encana’s stock is 0% over the last 200 days. It has underperformed the Standard & Poor’s 500 index, which has risen 6.00% over the same time period.

According to data compiled by Thomson Reuters, Encana (NYSE:ECA)’s stock is covered by 25 equity analysts across the Street, with 4 analysts giving it a Sell rating, 7 a Buy rating, while 13 consider it a Hold. The 12-month consensus target price for the stock is $9.2, which reflects an downside potential of 22.30% over the current price.

ECA Stock Chart

Encana (NYSE:ECA) Profile

Encana Corporation is an energy producer that is focused on developing its multi-basin portfolio of natural gas, oil and natural gas liquids (NGLs) producing plays. The Company’s operations also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America.

Encana (NYSE:ECA) traded up 0.81% on 12 January, hitting $11.84. A total of 2.92 million shares of the company’s stock traded hands. This is down from average of 11.85 million shares. Encana has a 52 week low of $8.01 and a 52 week high of $13.85. The company has a market cap of $11.60 billion and a P/E ratio of 14.87.

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