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Downgrade Alert for EnCana (ECA)

By David Diaz

EnCana (NYSE:ECA) was downgraded from Neutral to Underperform at Macquarie today. The stock closed yesterday at $8.32 on volume of 11.7 million shares, below average daily volume of 15.0 million.

There is potential upside of 24.3% for shares of EnCana based on a current price of $8.32 and an average consensus analyst price target of $10.34. The stock should find initial support at its 200-day moving average (MA) of $6.35 and further support at its 50-day MA of $6.09.

Over the past year, EnCana has traded in a range of $3.00 to $14.73 and closed yesterday at $8.32, 177% above that low. The 200-day and 50-day moving averages have moved 0.76% lower and 4.62% higher over the past week, respectively.

EnCana Corporation explores for, develops, produces, and markets natural gas, crude oil, and natural gas liquids. The Company operates in North and South America.

SmarTrend recommended that subscribers consider buying shares of EnCana on May 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.48. Since that recommendation, shares of EnCana have risen 8.9%. We continue to monitor ECA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades encana

Ticker(s): ECA