EnCana (ECA) Up 6% on Plans To Split The Company

EnCana Corporation (NYSE: ECA) is 6% higher this morning after the company announced that its Board of Directors unanimously approved a proposal to split EnCana into two highly focused energy companies - one a natural gas company with an outstanding portfolio of early life, North American, natural gas resource plays and the other a fully integrated oil company with industry-leading in-situ oilsands properties and top-performing refineries, as well as an underlying foundation of reliable oil and gas resource plays.

Raymond James upgraded the company from Outperform to Strong Buy with a C$102 price target based on the news.

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