|Bid||0.0000 x 28000|
|Ask||0.0000 x 29200|
|Day's range||3.7000 - 3.9600|
|52-week range||3.7000 - 38.5000|
|Beta (5Y monthly)||3.37|
|PE ratio (TTM)||0.73|
|Forward dividend & yield||N/A (N/A)|
|1y target est||29.53|
Oct.31 -- Encana Chief Executive Officer Doug Suttles discusses the Calgary-based company's plan to move its headquarters to the U.S. and drop the link to Canada from its name. He speaks with Bloomberg's Caroline Hyde and Scarlet Fu on "Bloomberg Markets: The Close."
Encana (OVV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg) -- The oil and gas producer formerly known as Encana Corp. has completed its corporate overhaul with a new domicile and a new name. It has yet another hurdle to cross.Now based in Denver, Ovintiv Inc. will update investors Wednesday on its progress for the shale oil assets in Oklahoma it amassed after the $5.5 billion acquisition of Newfield Exploration Co. in 2018. The Stack and Scoop fields in the Anadarko Basin have faced investor scrutiny and operational challenges that sent a handful of small explorers into bankruptcy. The company is also set to host a tour of its Stack operations Thursday.Read more with Bloomberg Intelligence’s report on the Anadarko Basin“We think the focus will be on steps the company has taken to reduce well costs and improve returns to make the play more competitive with other resource plays in North America,” said JPMorgan Chase & Co. analyst Arun Jayaram in a report. “The company will likely face stiff headwinds ‘selling’ the play to the market given the sharp pullback in activity by industry.”Before its name change, the Canada-listed shares of Encana had been falling for a decade as it faced a rout in commodity prices and a pipeline bottleneck in Alberta. Its purchase of Newfield didn’t help as it reversed course on a strategy of slimming its oil and gas portfolio.And as Ovintiv started trading with the new symbol OVV in the U.S. on Monday, the shares haven’t done much better -- dropping about 15% this week.Here’s what analysts will be watching for on the one-hour Anadarko Basin webcast which is slated to start at 4:30 p.m. eastern standard time.JPMorgan (Arun Jayaram)Focus will be on well costs and steps Ovintiv has taken to improve returns in the playSees the company providing more of its 2020 program details during 4Q earnings release in FebruaryJayaram has a neutral rating on OvintivPeters & Co. (Harbie Jawanda)Well costs and results are areas of focusWith the company “spudding its first cube style development” in April, Jawanda seeks any additional update with respect to its development plan for this yearRates Ovintiv’s stock as a sector performBMO (Randy Ollenberger)Shares are in the “penalty box,” and performance can improve if Ovintiv can “demonstrate improving profitability in the Anadarko basin.”Ovintiv has “materially lowered D&C costs; however, well productivity has lagged peers”Ollenberger rates the stock as an outperformEight Capital (Phil Skolnick)Doesn’t expect a production and recovery comparison of Ovintiv-drilled and complete wells versus Newfield drilled & completed wellsSays this could have been a potential catalyst for investorsSkolnick rates Ovintiv neutralCowen (Gabe Daoud Jr.)“While one-year cumes appear in line with the company’s type curve, we remain worried over the longer-term trend given what’s seen in the (albeit sometimes funky) OK State data”Daoud Jr. recommends a market perform rating for Ovintiv’s stock(Updates chart and share price move in fifth paragraph.)To contact the reporter on this story: Michael Bellusci in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Divya Balji, Bailey LipschultzFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- The time has come for Canadian index investors to say goodbye to Encana Corp., a stalwart of the nation’s energy sector with roots going back to the late 1800s.On Friday, shares of the oil and gas company will be removed from the S&P/TSX Composite and S&P/TSX 60 indexes after it won investor approval to relocate to the U.S. and rebrand under the name Ovintiv. While Encana will leave a hole on the key stock gauge, Brookfield Property Partners LP will replace it on the large-cap index, according to a statement from S&P Dow Jones Indices.“This could possibly be the largest index event for the Canadian market,” Bryan Chuah, an analyst at Canadian Imperial Bank of Commerce, said in a report. About 195 million Encana shares will need to be sold by Canadian indexers -- valued at about C$1.1. billion ($840 billion), he said, as its new U.S. domicile makes it ineligible for inclusion up north. Encana has about 1.3 billion shares outstanding, according to data compiled by Bloomberg.Encana shares have been in a downward spiral for more than a decade. In 2009, the company spun out its oil-sands assets into Cenovus Energy Inc. in a bid to unlock shareholder value and focus on natural gas. That didn’t work so well, as a glut of North American gas production has weighed on prices ever since.Chief Executive Officer Doug Suttles, who took the reins in 2013, shifted the company away from gas production and into shale oil, especially in Texas’s Permian Basin. Its market value has tumbled about C$63 billion to C$6.7 billion since its 2008 peak.In comes the real estate arm of Brookfield Asset Management Inc.Units of Brookfield Property, a global real estate company, have rallied almost 10% this year to market value of C$25.8 billion. Prior to this addition, the S&P/TSX 60 had zero representation in the real estate sector.Encana announced last year that it will move its head office from Calgary to Denver to allow access to larger pools of investment capital, including U.S. index funds and passively managed accounts.Oil-Sands GloomThe company may be added to the S&P MidCap 400 Index in the U.S., generating demand for 90 million or more of the company’s shares, Randy Ollenberger, an analyst at Bank of Montreal, said in a note last week.Encana’s move south only intensified the gloom enveloping the Canadian energy industry after foreign companies sold more than $30 billion of assets in the past three years amid a lack of pipeline space that has choked off prospects for growth.Encana joins pipeline owner TransCanada Corp., which changed its name to TC Energy Corp. earlier this year, in dropping the link to Canada from its name.Encana traces its history to the 1880s, when the Canadian Pacific Railway Ltd. accidentally discovered natural gas while drilling a water well for workers. The company was eventually spun out from Canadian Pacific and took the name EnCana in 2002.\--With assistance from Aoyon Ashraf.To contact the reporters on this story: Divya Balji in Toronto at firstname.lastname@example.org;Kevin Orland in Calgary at email@example.comTo contact the editors responsible for this story: Kyung Bok Cho at firstname.lastname@example.org, Jacqueline Thorpe, David ScanlanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Through this restructuring, Encana (ECA) will effectively exchange Ovintiv's one share of common stock for every five common shares of Encana.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Canadian Natural (CNQ) expects its 2020 oil and natural gas liquid production within 910-970 million barrels per day (Mbbl/d), higher than the 2019 guided range of 839-888 Mbbl/d.
Higher production from Encana's (ECA) core assets of Permian, Anadarko and Montney Basins drives the company's year-over-year results to excellence.
Oil markets received a rare bullish bounce on Friday morning as the rig count fell once again and China released some positive manufacturing data, but the overall trend in markets remains decidedly bearish
Encana (ECA) delivered earnings and revenue surprises of 7.14% and 9.91%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Encana's peers Royal Dutch Shell , ConocoPhillips and Suncor Energy have either been selling their Canadian assets or have scaled back investments as pipeline space crunch impacts prices. Canada's western oil patch is already hurting from five years of low crude prices and pipeline constraints, which resulted in capital investment in the sector more than halving to C$37 billion ($28.12 billion) in 2019 from C$81 billion in 2014.
Strong production growth is likely to have boosted Encana (ECA) in Q3. However, lower realized commodity prices are expected to have hurt its bottom line.
Encana (ECA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Encana (ECA) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.