Encana Signals Strong Uptick in Permian Activity in 2017; Raising Fair Value Estimate
Encana announced the issuance of 107 million common shares after yesterday's close, with an overallotment option to purchase an additional 16 million shares. Assuming the offering prices are in line with the current stock price, we estimate the proceeds to Encana will be roughly $1.0 billion (CAD 1.4 billion).Management intends to use half of the proceeds to fund a portion of its 2017 capital budget. Although no guidance has yet been provided, yesterday's press release indicated that the firm p...
Encana is in the business of the exploration for, the development of, and the production and marketing of natural gas, oil and natural gas liquids (NGLs). All of Co.'s reserves and production are located in North America. As at Dec. 31, 2016, total proved developed and undeveloped reserves for natural gas, oil, and NGLs were 2.90 billion cubic ft., 155.6 million barrels (MMbbls), and 150.4 MMbbls, respectively. Co.'s operating and reportable segments are: Canadian Operations, USA Operations, and Market Optimization.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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