Transferring Coverage of Encana Corp; Lowering Fair Value Estimate
We are transferring coverage of no-moat Encana and lowering our fair value estimate to $8 (CAD 11) from $10 (CAD 13) driven by our revision in near-term crude prices. The stock is currently yielding approximately 0.50%.Trading at $12 per share, the stock continues to look overvalued. Despite 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...
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.
We have operations in 27 countries.
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