The stock of Encana Corp (TSE:ECA) gapped up by $0.02 today and has $19.05 target or 25.00% above today’s $15.24 share price. The 9 months technical chart setup indicates low risk for the $15.06 billion company. The gap was reported on Oct, 19 by Barchart.com. If the $19.05 price target is reached, the company will be worth $3.77 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 3.77 million shares traded hands. Encana Corp (TSE:ECA) has risen 100.69% since March 14, 2016 and is uptrending. It has outperformed by 95.14% the S&P500.
Encana Corp (TSE:ECA) Ratings Coverage
Out of 8 analysts covering Encana Corporation (TSE:ECA), 2 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 25% are positive. Encana Corporation has been the topic of 22 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock has “Sector Perform” rating given by RBC Capital Markets on Tuesday, December 15. As per Friday, July 22, the company rating was maintained by RBC Capital Markets. On Friday, August 19 the stock rating was maintained by TD Securities with “Buy”.
More notable recent Encana Corp (TSE:ECA) news were published by: Seekingalpha.com which released: “EnCana Corp. Finally Turns The Page” on October 17, 2016, also Fool.com with their article: “Better Buy: Encana Corp or Pengrowth Energy Corp” published on October 04, 2016, Fool.com published: “Why Did Encana Corp Sell $1 Billion in Stock?” on September 20, 2016. More interesting news about Encana Corp (TSE:ECA) were released by: Fool.com and their article: “Encana Corp’s Dramatic Transformation in 3 Charts” published on September 29, 2016 as well as Fool.com‘s news article titled: “These 3 Catalysts Fueled Encana Corp’s 11% Rally in September” with publication date: October 07, 2016.
Encana Corp is a Canada-based energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids . The company has a market cap of $15.06 billion. The Company’s activities also include the marketing of natural gas, oil and NGLs. It currently has negative earnings. All of its reserves and production are located in North America.
ECA.TO Company Profile
Encana Corporation, incorporated on January 1, 2006, is an energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids (NGLs). The Company’s activities also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America. The Firm operates through three divisions: Canadian Operations, USA Operations and Market optimization.
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