KLR Group Starts EnCana Corp. (ECA) at Hold
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KLR Group initiates coverage on EnCana Corp. (NYSE: ECA) with a Hold rating and a price target of $10.00.
Analyst John Gerdes commented, "We are initiating coverage of ECA with a Hold rating and $10 per share target price. Encana’s mid-cycle (’18) capital yield is 85%-90% versus the industry median cash recycle ratio of ~130%. ECA trades at a ~25% premium to the group on ’17 EBITDA though has ~10% per annum less production growth (’16-’18). Our ’16 production expectation of ~352 Mboepd is slightly above the midpoint of company guidance (340-360 Mboepd)."
Shares of EnCana Corp. closed at $9.92 yesterday.
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