Canaccord Genuity Maintains a 'Hold' on EnCana Corp. (ECA); Trying a Joint Venture
Tweet Send to a FriendGet Alerts ECA Hot Sheet
Price: $18.89 +2.44%
Rating Summary:
3 Buy, 7 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 7 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ECA Now!
Canaccord Genuity maintains a 'Hold' on EnCana Corp. (NYSE: ECA) price target of $21.50.
Analyst, Phil Skolnick, said, "We believe the key to ECA’s Q1 earnings release is that a simple change to US GAAP accounting from IFRS leads to a $0.30/share beat vs. the Street. Additionally, while dry natural gas production was down about 5% sequentially, it was roughly 110 MMcf/d above the Street, suggesting potentially a bit of optimism around decline rates (or perhaps on the amount of natural gas shut in). From a bigger picture stand point, it is difficult to find anyone with any real conviction on a potential dramatic recovery in natural gas prices (it is a difficult call to make). This presents a continued major headwind for a company weighted ~95% towards dry natural gas. Nevertheless, management is cautiously optimistic that we will see a recovery commencing in late 2012/early 2013. But in the meantime, ECA will continue to look to create more JVs within its natural gas plays in attempt to capture more LNG opportunities while also trying to shift its weighting away from dry natural gas into its emerging oil and liquids plays.
For an analyst ratings summary and ratings history on EnCana Corp. click here. For more ratings news on EnCana Corp. click here.
Shares of EnCana Corp. closed at $18.65 yesterday, with a 52 week range of $17.02-$34.82.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Phil Skolnick, said, "We believe the key to ECA’s Q1 earnings release is that a simple change to US GAAP accounting from IFRS leads to a $0.30/share beat vs. the Street. Additionally, while dry natural gas production was down about 5% sequentially, it was roughly 110 MMcf/d above the Street, suggesting potentially a bit of optimism around decline rates (or perhaps on the amount of natural gas shut in). From a bigger picture stand point, it is difficult to find anyone with any real conviction on a potential dramatic recovery in natural gas prices (it is a difficult call to make). This presents a continued major headwind for a company weighted ~95% towards dry natural gas. Nevertheless, management is cautiously optimistic that we will see a recovery commencing in late 2012/early 2013. But in the meantime, ECA will continue to look to create more JVs within its natural gas plays in attempt to capture more LNG opportunities while also trying to shift its weighting away from dry natural gas into its emerging oil and liquids plays.
For an analyst ratings summary and ratings history on EnCana Corp. click here. For more ratings news on EnCana Corp. click here.
Shares of EnCana Corp. closed at $18.65 yesterday, with a 52 week range of $17.02-$34.82.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- UPDATE: Macquarie Downgrades Barrick Gold (ABX) to Underperform
- Topeka Capital Starts Laredo Petroleum (LPI) at Buy, Assets 'Undervalued'
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
