Notable News to Watch: Encana Corporation (NYSE: ECA)

On 19 Nov 2019, Encana Corporation (NYSE: ECA) stock observed trading -48.84% off 52-week high price. On the other end, the stock has been noted 3.94% away from low price over the last 52-weeks. The stock disclosed a move of -11.68% away from 50 day moving average and -28.10% away from 200 day moving average. Moving closer, we can see that shares have been trading -9.15% off 20-day moving average. It has market cap of $5122.38M and dividend yield of 1.77%.

Encana Corporation (ECA) recently reported its third quarter 2019 financial and operating results:

Third Quarter Summary

For the third quarter of 2019, Encana posted net earnings of $149M, or $0.11/share. Non-GAAP operating earnings for the third quarter were $195M, or $0.15/share.

Cash from operating activities in the third quarter was $756M. Non-GAAP cash flow increased 39 percent over the comparable period in 2018 to $817M.

The Company has completed the repurchase of 196.7M Encana ordinary shares at an average price of $6.35/share. Investment in the program totaled $1,250M.

At the end of the third quarter, Encana had nearly $3.4B of total liquidity including about $138M in cash and cash equivalents.

Encana’s third quarter capital investments totaled $566M. In the quarter, the company also completed the sale of the Arkoma assets and the exit of operations in China. The Company expects proforma 2019 capital investments to total about $2.8B, unchanged from the midpoint of its previous guidance range.

Suttles added, “Our ability to drive efficiency improvements ensures that we can continue to deliver competitive returns despite volatility in commodity prices. Our business is resilient, sustainable and competitive both within and outside of our industry. Our free cash flow in 2019 continues to grow and will be used to strengthen our balance sheet.”

Third Quarter Production and Operating Highlights

Total production in the quarter was 605,100 barrels of oil equivalent per day (BOE/d), up four percent year-over-year on a proforma basis. Production in the quarter exceeded the second half guidance. Total production not including the volumes from Arkoma and China was over 596,000 BOE/d, exceeding the top end of the second half guided range of 565,000 to 585,000 BOE/d.  Liquids production also exceeded the second half run-rate of 310,000 – 320,000 barrels per day (bbls/d), coming in over 328,000 bbls/d not including Arkoma and China volumes. Third quarter total liquids production increased eight percent year-over-year proforma, to 329,200 bbls/d. Oil and condensate production during the period was 237,300 bbls/d.

The Canada based company Encana Corporation moved with change of -5.04% to $3.96 with the total traded volume of 20920074 shares in recent session versus to an average volume of 23051.07K. The stock was observed in the 5 days activity at -12.20%. The one-month performance of stock was -1.98%. ECA’s shares are at -8.55% for the quarter and driving a -48.03% return over the course of the past year and is now at -31.49% since this point in 2018.  Right now, the stock beta is 2.05. The average volatility for the week and month was at 3.89% and 5.40% respectively. There are 1293.53M shares outstanding and 1289.75M shares are floated in market.

 

 

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