Davis Selected Advisers buys $497.8 Million stake in Encana Corporation (USA) (ECA)

Encana Corporation (USA) (ECA) : Davis Selected Advisers scooped up 3,885,044 additional shares in Encana Corporation (USA) during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 74,073,062 shares of Encana Corporation (USA) which is valued at $497.8 Million.Encana Corporation (USA) makes up approximately 2.15% of Davis Selected Advisers’s portfolio.

Other Hedge Funds, Including , Renaissance Technologies added ECA to its portfolio by purchasing 2,391,500 company shares during the most recent quarter which is valued at $16.1 Million. Encana Corporation (USA) makes up approx 0.03% of Renaissance Technologies’s portfolio.Sg Americas Securities reduced its stake in ECA by selling 99,910 shares or 90.5% in the most recent quarter. The Hedge Fund company now holds 10,490 shares of ECA which is valued at $70,493.First Eagle Investment Management reduced its stake in ECA by selling 3,984 shares or 0.29% in the most recent quarter. The Hedge Fund company now holds 1,377,892 shares of ECA which is valued at $8.6 Million. Encana Corporation (USA) makes up approx 0.02% of First Eagle Investment Management’s portfolio. Addenda Capital sold out all of its stake in ECA during the most recent quarter. The investment firm sold 402,438 shares of ECA which is valued $2.5 Million.Aperio Group reduced its stake in ECA by selling 85,899 shares or 21.42% in the most recent quarter. The Hedge Fund company now holds 315,204 shares of ECA which is valued at $2.4 Million. Encana Corporation (USA) makes up approx 0.02% of Aperio Group’s portfolio.

Encana Corporation (USA) opened for trading at $7.37 and hit $7.63 on the upside on Wednesday, eventually ending the session at $7.54, with a gain of 3.86% or 0.28 points. The heightened volatility saw the trading volume jump to 1,89,09,149 shares. Company has a market cap of $6,408 M.

On the company’s financial health, Encana Corporation (USA) reported $-0.15 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on May 3, 2016. Analyst had a consensus of $-0.12.Analysts expectations of $ 754.79.During the same quarter in the previous year, the company posted $0.01 EPS.

Investors should note that on May 3, 2016, Encana Corporation (USA) announced a cash dividend of $0.0150. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jun 30, 2016.

Many Wall Street Analysts have commented on Encana Corporation (USA). Company shares were Reiterated by RBC Capital Mkts on Feb 25, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 8 from a previous price target of $7 .Encana Corporation (USA) was Downgraded by CIBC to ” Sector Underperform” on Feb 25, 2016.

Encana Corporation is engaged in the business of the exploration development production and marketing of natural gas oil and natural gas liquids (NGLs). The Company operates through three business segments: Canadian Operations which includes the exploration for development of and production of natural gas oil and NGLs and other related activities within Canada; USA Operations which includes the exploration for development of and production of natural gas oil and NGLs and other related activities within the United States and Market Optimization which includes third-party purchases and sales of products that provide operational flexibility for transportation commitments product type delivery points and customer diversification. Market Optimization sells all of the Company’s upstream production to third-party customers. Its growth assets include Permian; Tuscaloosa Marine Shale; Eagle Ford; Montney; Duvernay; DJ Basin and San Juan.

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