Could Encana Corp Change Direction After Today’s Gap Up?

 Could Encana Corp Change Direction After Today's Gap Up?

The stock of Encana Corp (TSE:ECA) gapped up by $0.45 today and has $16.45 target or 25.00% above today’s $13.16 share price. The 7 months technical chart setup indicates low risk for the $12.74 billion company. The gap was reported on Nov, 3 by Barchart.com. If the $16.45 price target is reached, the company will be worth $3.19 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 4.92 million shares traded hands. Encana Corp (TSE:ECA) has risen 62.84% since March 30, 2016 and is uptrending. It has outperformed by 61.63% 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. $16.50 is the highest target while $7.50 is the lowest. The $11.21 average target is -14.82% below today’s ($13.16) stock price. Encana Corporation has been the topic of 22 analyst reports since July 28, 2015 according to StockzIntelligence Inc. TD Securities maintained Encana Corp (TSE:ECA) rating on Friday, August 19. TD Securities has “Buy” rating and $11.50 price target. On Tuesday, December 15 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. RBC Capital Markets maintained it with “Sector Perform” rating and $11.50 target price in Friday, July 22 report.

More notable recent Encana Corp (TSE:ECA) news were published by: Business.Financialpost.com which released: “Cost cutting pays off as Encana Corp posts unexpected profit” on November 03, 2016, also Fool.com with their article: “Better Buy: Encana Corp or Pengrowth Energy Corp” published on October 04, 2016, Fool.com published: “These 3 Catalysts Fueled Encana Corp’s 11% Rally in September” on October 07, 2016. More interesting news about Encana Corp (TSE:ECA) were released by: Seekingalpha.com and their article: “EnCana Corp. Finally Turns The Page” published on October 17, 2016 as well as Fool.ca‘s news article titled: “Encana Corp.: Should You Buy the Dip?” with publication date: October 31, 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 $12.74 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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