Dallas, Texas 10/30/2013 (Financialstrend) – Encana Corporation (NYSE:ECA) is a $13.39 billion market capped integrated oil and gas major. It reported strong 3Q profits on the back of big increase in production of its oil output. The results were announced on October 23. The stock posted a 1.7% increase in value during trading that day but shed most of the gains over the next few days. As of close of business on October 29, the stock was trading at $18.19 per share down 0.6 percent from its previous day close. In the past week’s trading the share price of the stock has dipped marginally into Red. It was down 0.27%. At current valuations, the stock is trading at 18.1% below its 52 week high valuations.
The slight downturn in value of the stock last week is masked by the close to 4.9% increase in value over the past one month. In the recently concluded 3Q, the oil major was able to increase its sales over 3Q 12 by close to 171%. Its earnings per share also ballooned by 149% in comparison to 3Q12. In the trailing twelve months the oil firm had managed to record sales of $5.6 billion with a net loss of $1.02 billion during operations in the same period. During its third quarter operations, the company has managed to double its gas liquid production to average 58200 barrels of oil per day.
The oil company has managed to post dividend of $0.8 over the past 12 months the dividend yield of this firm will translate to 4.4% in the same period. Long term investors in the stock would be hoping that in addition to a regular dividend payout a solid appreciation in the price of the stock would be well in order. Analysts have set a price target of $20.3 for the stock.