|Bid||4.1400 x 46000|
|Ask||4.1500 x 36100|
|Day's Range||4.0650 - 4.1600|
|52 Week Range||3.7700 - 7.7000|
|Beta (3Y Monthly)||3.44|
|PE Ratio (TTM)||3.97|
|Forward Dividend & Yield||0.07 (1.83%)|
|1y Target Est||6.71|
"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 […]
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.
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.
(Bloomberg) -- One of the largest Encana Corp. shareholders says the oil and natural gas producer’s plan to move to the U.S. is “highly discriminatory” against Canadian investors.Letko, Brosseau & Associates Inc., which has a stake of about 4%, will vote against Encana’s plan to relocate to the U.S., the investor said Tuesday in a statement. The Montreal-based firm says the move would force investors holding the shares through indexed Canadian funds or Canadian-only investment policies to sell the stock, likely at a loss given where the shares are now trading.“This is an example of very poor corporate governance,” co-founder Peter Letko said in an interview. “The company is openly discriminating against certain types of shareholders.”Encana’s announcement of the planned U.S. move last month ratcheted up the gloom enveloping the Canadian oil industry and heightened anxieties about losing major domestic companies. Letko Brosseau is so far the only investor to publicly oppose Encana’s plan, but its strongly worded statement may encourage others to break cover. The attempt to keep Encana in Canada may act as a warning shot to other companies considering pulling up stakes.Over 70% of Encana’s shareholders are in the U.S., while 21% are in Canada, according to data compiled by Bloomberg.“We do not believe that our Canadian investors will be forced to sell beyond the Canadian indices,” Encana said in a statement, adding it was disappointed by Letko’s remarks. “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.”The oil producer reiterated its expectation that the move will create $1 billion of additional demand for its shares.Less than 10% of Encana’s stock is owned by passive accounts, compared with the 30% average for its U.S. peers, the company said when it first announced the plan.Encana didn’t consult Letko Brosseau, the driller’s fourth-largest shareholder, before announcing the plan. While Letko declined to say what else his firm may do to oppose the move, he characterized Tuesday’s statement as a “first step.” Encana’s plan requires the approval of two-thirds of the company’s shareholders.The move also was seen as the culmination of a long-term strategy by Chief Executive Officer Doug Suttles, a Texan, to shift the company’s focus to the south. After taking the reins in 2013, Suttles soon set about selling Canadian assets and building a major position in the U.S. through acquisitions. Suttles himself has already left Canada, moving in March of last year to Denver, where the company’s new headquarters will be located.Letko says Encana’s explanation for the move was light on any strategic, business or tax advantages the company may garner from the relocation.“It’s clear that wasn’t very much on their minds,” Letko said. “What might have been more on their minds was a short bike ride for their president to go to the office.”Encana’s investors have reason to be grumpy with the stock’s performance. The shares are down 48% over the past 12 months, compared with the little-changed performance of the S&P/TSX energy index. One of Letko Brosseau’s arguments is that the timing of Encana’s move would force some investors to sell the shares at a steep loss.Encana fell 4.4% to C$5.26 in Toronto on Tuesday.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, Carlos Caminada, Millie MunshiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
"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.
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.
One of the largest investors in Encana Corp. said it will vote against the Canadian oil producer's plan to move its headquarters to the U.S.
Higher production from Encana's (ECA) core assets of Permian, Anadarko and Montney Basins drives the company's year-over-year results to excellence.
Read about the seven biggest Canadian natural gas companies as measured by production volume and learn a little more about their recent performance.
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 Corp. is moving its headquarters from Canada to the United States, where it is a major oil and gas employer based in Denver. The Calgary-based company revealed the changes Thursday, saying rebranding as a U.S. business will help the company achieve a valuation from investors it’s missing by being Canadian. “It ultimately better positions our company,” said CEO Doug Suttles.
Alberta's government will allow producers to exceed production limits to ship more crude by rail from the Canadian province. Beginning in December, oil producers can request to go above their existing curtailment rules, Energy Minister Sonya Savage said on Oct. 31. "The special allowance program will protect the value of our oil by ensuring that operators are only producing what they are able to move to market," Savage said in a statement.
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."