UPDATE: BMO Capital Markets Lowers PT on Encana after Solid Results

In a report published Wednesday, BMO Capital Markets analyst Randy Ollenberger reiterated an Outperform rating on Encana Corporation ECA, but lowered the price target from $28.00 to $26.00. In the report, Ollenberger noted, “Encana reported operating cash flow of US$0.79/share, above our estimate of US$0.69 and the consensus of US$0.73 while earnings of US$0.24/share were ahead of both our and consensus estimates of US$0.09. Upstream production averaged 3,138 MMcfe/d, slightly below our estimate of 3,157 MMcfe/d and consensus of 3,155 MMcfe/d. Liquids production averaged 43,500 b/d, above our estimate of 41,000 b/d and consensus of 42,000 b/d.” Encana Corporation closed on Tuesday at $18.49.