EnCana (ECA) Added to Jefferies Franchise Picks List

Jefferies analyst Jonathan Wolff added EnCana Corp. (NYSE: ECA) to the Jefferies Franchise Picks list. The firm reiterated a Buy rating price target of $8.00.

Wolff commented, "We believe ECA’s release today erased most of the prevailing bear cases for the equity by 1) demonstrating the strength of its Midland Basin ‘crown jewel’ asset, 2) showing capital efficiency with minimal output declines despite a reduced budget (closely aligned with internal CF) and 3) providing detail on the lack of a need for equity funding. To be sure, ECA is an ‘edgier’ pick given its current leverage and some risk to closing its DJ sale."

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 $3.68 yesterday.

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