Could Encana Corp See a Reversal After Having a Gap Up Today?

 Could Encana Corp See a Reversal After Having a Gap Up Today?

The stock of Encana Corp (TSE:ECA) gapped up by $0.28 today and has $23.16 target or 53.00% above today’s $15.14 share price. The 8 months technical chart setup indicates low risk for the $15.09 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $23.16 price target is reached, the company will be worth $8.00B 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 3.68 million shares traded hands. Encana Corp (TSE:ECA) has risen 75.77% since April 11, 2016 and is uptrending. It has outperformed by 71.85% the S&P500.

Encana Corp (TSE:ECA) Ratings Coverage

Out of 8 analysts covering Encana Corporation (TSE:ECA), 3 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. $16.50 is the highest target while $7.50 is the lowest. The $10.96 average target is -27.61% below today’s ($15.14) stock price. Encana Corporation has been the topic of 24 analyst reports since July 28, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the stock with “Sector Perform” rating in Friday, July 22 report. RBC Capital Markets maintained Encana Corp (TSE:ECA) rating on Tuesday, December 15. RBC Capital Markets has “Sector Perform” rating and $13.75 price target. TD Securities maintained the stock with “Buy” rating in Friday, August 19 report. Scotia Capital maintained it with “Top Pick” rating and $10 target price in Friday, November 4 report. The firm has “Buy” rating by TD Securities given on Friday, November 4.

More notable recent Encana Corp (TSE:ECA) news were published by: Foxbusiness.com which released: “What Encana Corp’s CEO Wants Investors to Know About Its Growth Plan” on November 14, 2016, also Business.Financialpost.com with their article: “Cost cutting pays off as Encana Corp posts unexpected profit” published on November 03, 2016, Fool.com published: “3 Standout Numbers From Encana Corp’s Q3 Report” on November 04, 2016. More interesting news about Encana Corp (TSE:ECA) were released by: Fool.ca and their article: “Should You Buy Encana Corp. or Crescent Point Energy Corp.?” published on October 20, 2016 as well as Seekingalpha.com‘s news article titled: “EnCana Corp. Finally Turns The Page” with publication date: October 17, 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 $15.09 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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