Canadian Gas Prices Hamper Encana; Stock Looks Overvalued
After updating our model for Encana’s fourth-quarter results, we are lowering our fair value estimate to $9 (CAD 11) from $11 (CAD 14) on lower gas realizations from the company’s Canadian production. Regardless of the company’s continued shift toward its premium core acreage, our fair value estimate remains quite a bit below the current stock price. We believe that the market already appreciates the depth and quality of Encana’s upstream assets, coupled with pricing in a higher long-term natura...
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