Raising Our FVE for Encana; Stock Looks Oversold
After taking a fresh look at no-moat Encana’s fourth-quarter earnings, we are raising our fair value estimate to $9 (CAD 12) from $6 (CAD 8). We are increasing our forecast for the company’s price realizations and see decreasing operating costs from the acquisition of the Newfield Assets. The acquisition of Newfield Exploration will extend Encana's production footprint into the STACK/SCOOP basin and provide cost synergies with the company's other operations. However, we think that Encana overpai...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.
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