Encana Corporation (ECA) : Traders are bullish on Encana Corporation (ECA) as it has outperformed the S&P 500 by a wide margin of 6.51% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 3.16%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 3.6% in the last 1 week, and is up 9.16% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Encana Corporation (NYSE:ECA): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $8.23 and $8.08 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $8.42. The buying momentum continued till the end and the stock did not give up its gains. It closed at $8.34, notching a gain of 0.85% for the day. The total traded volume was 7,924,179 . The stock had closed at $8.27 on the previous day.
The stock has recorded a 20-day Moving Average of 5.29% and the 50-Day Moving Average is 4.66%. Encana Corporation is up 34.12% in the last 3-month period. Year-to-Date the stock performance stands at 64.62%.
Encana Corporation (ECA) has been rated by 13 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $15 and the lowest price target forecast is $8. The average forecast of all the analysts is $9.77 and the expected standard deviation is $2.39.
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 Companys upstream production to third-party customers. Its growth assets include Permian; Tuscaloosa Marine Shale; Eagle Ford; Montney; Duvernay; DJ Basin, and San Juan.