UPDATE: Societe Generale Upgrades Encana Corporation to Buy on Executive Change

Societe Generale upgraded Encana Corporation

from Hold to Buy. Societe Generale noted, "We've upgraded our rating of ECA to BUY from HOLD because we consider the change at the ECA helm a true positive catalyst and rationale for owning the stock. … During Mr. Eresman's tenure, ECA, combined two Canadian legacy companies (Alberta Energy and Pan Canadian), and US ones (Tom Brown) or assets to become a NA E&P behemoth... which singularly focused upon NA natural gas exploitation and abandoned conventional E&D. … We don't see Clayton Woitas, who was appointed the interim president & CEO as a suitable long-term replacement. ... The Street will likely consider ECA as ‘being in play'. ECA does have great gas assets in need of direction." Encana Corporation closed at $19.78 on Friday.