Jefferies Raises price Target on Encana (ECA) to $14 Following Analyst Day

October 6, 2016 7:18 AM EDT
Get Alerts ECA Hot Sheet
Price: $13.21 -1.05%

Rating Summary:
    16 Buy, 14 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Jefferies reiterated a Buy rating on EnCana Corp. (NYSE: ECA), and raised the price target to $14.00 (from $13.00), following the company's analyst day. ECA gave a capital guidance range for 2017 of $1.4-$1.8B, which should be funded through generated cash flow and cash raised in a recent ~$1.1B share sale. ECA’s five year plan targets overall volume expansion of 60%. Management believes the development plan to be self-funded in 2018 and beyond.

Analyst Jonathan Wolff commented, "Positive. ECA held an analyst day in NYC on Wednesday in which it offered a robust and capital efficient 5-year growth plan. ECA noted that its portfolio and corporate restructuring were largely complete and that it would now fully focus on efficiently developing a small set of core assets. ECA remains a Franchise Pick; we are raising our PT to $14 (from $13) based on the outlook for a more rapid development pace."

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 $10.93 yesterday.

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