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Strategies & Market Trends : Speculating in Takeover Targets
CTG 7.960-0.4%Oct 22 4:00 PM EDT

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From: E_K_S12/6/2019 2:51:35 PM
   of 6087
Encana cut at Barclays but shares rise on OPEC+ production deal
Dec. 6, 2019 2:23 PM ET

Encana ( ECA +2.9%) is downgraded to Equal Weight from Overweight with a $5 price target, slashed from $11, at Barclays, citing the company's leverage and "below average" total return yield.

While ECA has enjoyed positive operational momentum in the STACK with lower costs and six-month oil production exceeding its type curve, the play is a "show-me" story that will take time to prove out, Barclays analyst Janine Wai says.

ECA and other oil and gas names are broadly higher today following OPEC's agreement on additional production cuts.

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  • I think analyst may have over adjusted. SMA (200) is now around $5.50/share but chart dhows first level of suport at/above $7.50/share. If so, even my high cost shares will show a 36% return. Still low downside risk IMO
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