|Bid||5.33 x 0|
|Ask||5.34 x 0|
|Day's Range||5.32 - 5.58|
|52 Week Range||5.02 - 10.35|
|Beta (5Y Monthly)||3.43|
|PE Ratio (TTM)||5.15|
|Earnings Date||Feb 25, 2020 - Mar 01, 2020|
|Forward Dividend & Yield||0.10 (1.76%)|
|Ex-Dividend Date||Dec 10, 2019|
|1y Target Est||13.70|
CALGARY , Jan. 17, 2020 /CNW/ - Encana Corporation (NYSE, TSX: ECA) today announced that the Court of Queen's Bench of Alberta has granted a final order approving the previously announced plan of arrangement, which forms part of a series of proposed reorganization transactions (collectively, the "Reorganization"), in order for the company to: (i) establish its corporate domicile in the U.S.; (ii) rebrand under the name Ovintiv Inc. ("Ovintiv"); and (iii) complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana. Further information regarding the Reorganization is provided in Encana's proxy statement/management information circular and prospectus dated December 11, 2019 .
Encana Corporation (NYSE, TSX: ECA) today provided participant details for its upcoming Anadarko Basin conference call and webcast:
(Bloomberg) -- Encana Corp. won investors’ approval to relocate to the U.S. and change its name to Ovintiv, a plan that has dented morale in Canada’s beleaguered energy industry.About 90% of the shares were voted by holders in favor of the plan, Encana said in a statement Tuesday after a special meeting in Calgary. The company produces oil and natural gas in both Canada and the U.S.Encana can now push ahead with a plan that has added to the gloom surrounding Canada’s oil industry, which is suffering from a lack of pipeline space that has weighed on prices and prevented producers from increasing output. The dismal environment has prompted foreign companies to sell more than $30 billion of Canadian energy assets in the past three years.Losing Encana carries an even sharper sting because it was one of Canada’s marquee companies, born out of the nation’s 19th-century railway boom, and the “can” in its name was a nod toward its country of origin. The company, which is moving its head office from Calgary to Denver, said relocating to the U.S. will allow it to access larger pools of investment capital, including U.S. index funds and passively managed accounts.Montreal-based Letko, Brosseau & Associates Inc., Encana’s fourth-largest shareholder, blasted the plan in November, saying the move was “highly discriminatory” because it forces investors holding the shares in Canadian-focused funds to sell the stock at a time when the price is particularly weak. The company holds about 4% of Encana’s shares. Roughly 71% of Encana’s shareholders are in the U.S., and 20% are in Canada, according to data compiled by Bloomberg.About 90 million Encana shares in the S&P/TSX index and 30 million in the MSCI Canada may be put up for sale as a result of the move to the U.S., according to Randy Ollenberger, an analyst at Bank of Montreal. The company may be added to the S&P MidCap 400 Index, generating demand for 90 million or more of the company’s shares, he said. Encana has about 1.3 billion shares outstanding, according to data compiled by Bloomberg.Encana shares fell 2.5% to C$5.54 in Toronto trading. The stock has slid 39% in the past 12 months.(Updates with analyst’s projections in sixth paragraph)\--With assistance from Michael Bellusci.To contact the reporter on this story: Kevin Orland in Calgary at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Christine BuurmaFor 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.
The company said 90% of the shareholders voted in favor of the company moving its domicile to the United States and rebranding to Ovintiv Inc. Investor Letko, Brosseau & Associates Inc, which owns about 4% stake in Encana, had said in November it will vote against the company's proposed exit from Canada, saying the move would cause significant losses for Canadian shareholders.
CALGARY , Jan. 14, 2020 /CNW/ - Encana Corporation (NYSE, TSX: ECA) today announced that its securityholders voted in support of the reorganization resolution, in order to: (i) establish the company's corporate domicile in the U.S.; (ii) rebrand under the name Ovintiv Inc. ("Ovintiv"); and (iii) complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana.
Encana Corp. won investors approval to relocate to the U.S. and change its name to Ovintiv, a plan that has dented morale in Canada's beleaguered energy industry.
2018's fourth quarter was a rough one for investors and many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 4.8% during 2018 and average hedge fund losing about 1%. The Russell 2000, composed of smaller companies, performed even worse, trailing the […]
Canadian oil and gas company Encana Corp on Wednesday filed paperwork with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities as part of a plan to shift its base to the United States. The Calgary-based company in October became the latest to decide to move away from Canada as the nation battles with pipeline capacity shortages. Encana, once among Canada's largest oil companies, has been shifting its focus to the United States and earlier this year bought Texas-based Newfield Exploration Co for $5.5 billion.
The Calgary-based company in October became the latest to decide to move away from Canada as the nation battles with pipeline capacity shortages. Encana, once among Canada's largest oil companies, has been shifting its focus to the United States and earlier this year bought Texas-based Newfield Exploration Co for $5.5 billion. Encana will change its name to Ovintiv Inc and continue to be traded both on the Toronto and New York stock exchanges under the ticker symbol 'OVV'.
CALGARY , Dec. 11, 2019 /CNW/ - Encana Corporation (NYSE, TSX: ECA) today filed its definitive Proxy Statement/Prospectus with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities related to its intention to establish corporate domicile in the United States . Encana shareholders and incentive award holders as of the close of business on December 9, 2019 will be entitled to notice of and vote at the meeting. The single reorganization resolution, as further outlined in the definitive Proxy Statement/Prospectus, must be approved by at least two-thirds of votes cast.
"Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value […]
The South Texas Drilling Permit Roundup is a weekly review of new drilling permit applications filed with the Railroad Commission of Texas for a 67-county area of South Texas.
"We were disappointed by Letko's release earlier today stating its opposition to our recent decision to establish Encana's corporate domicile in the United States," said Encana's CEO Doug Suttles. The rationale for the move is crystal clear—we want to expose our Company and all its stockholders to increasingly larger pools of investment in U.S. index funds and passively managed accounts.
Encana Corp shareholder Letko, Brosseau & Associates Inc said on Tuesday it will vote against the oil and gas company's proposed exit from Canada to the United States. The investment firm, which owns a nearly 4% stake in Encana, said the move will cause significant losses for Canadian investors. Last month, the company said it would shift base from Calgary to the United States and become Ovintiv Inc next year, the latest company to move away from Canada that is battling with pipeline capacity shortages.