In a report published Wednesday, Bank of America analyst Peter K. Ogden upgraded the rating on EnCana Corporation ECA from Underperform to Neutral, and raised the price target from $20.00 to $21.00.
In the report, Bank of America noted, “Encana released its new strategy yesterday, highlighting lower than expected spending in 2014 ($2.5bn), a higher than expected dividend cut (down 65% to $0.07/sh per quarter or 1.5% yield), a proposed IPO of its royalty interests in the Clearwater mineral fee title lands, continued workforce reductions of 20%, the potential for additional divestitures, and 10% CAGR on CFPS 2013-2017.”
EnCana Corporation closed on Tuesday at $18.34.
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