“outperform” rating and $26 (U.S.) price target Encana Corp.'s shares have meaningfully lagged the improvement in natural gas prices as well as the performance of its peers as the market awaited for a new CEO to be appointed and the company's strategy clarified, noted BMO Nesbitt Burns analyst Randy Ollenberger.
Now that the new CEO, former BP executive Doug Suttles, is in place, “we believe that the CEO and board are firmly focused on growing shareholder value rather than production and achieving a sustainable balance between cash flow and capital spending," he commented. “We also believe that the outlook for North American natural gas prices continues to improve.”
“Taken together, we believe the shares are well positioned to outperform over the next 12 months as the new strategy is communicated to investors and its natural gas asset base gets positively re-valued.”
Target: Mr. Ollenberger maintained an “outperform” rating and $26 (U.S.) price target on the stock. The average target is $21.01.
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