Encana Corp. (NYSE:ECA) , based in Calgary, Alberta, is a focused pure-play natural gas exploration and production (E&P) company. It is one of the largest gas producers in North America, and holds a highly competitive land and resource position in a number of the region's most promising shale and tight gas resource plays.
Currently, Encana has a Zacks Rank #2 (Buy) but that could change following its third quarter 2016 earnings report which has just released.
We have highlighted some of the key details from the just-released announcement below:
Earnings:Encana earnings crush loss estimate. The company announced operating earnings per share of 4 cents, contrary to the Zacks Consensus Estimate for a loss of 1 cent.
Revenue:Revenue above expectations. Revenues (net of royalties) came in at $979 million, which outperformed the Zacks Consensus Estimate of $740 million.
Key Stats: Quarterly natural gas production declined approximately 14% year over year to 1,326 million cubic feet per day. Also, liquid production declined 17% year over year to 117.0 thousand barrels per day.
Encana's realized natural gas price were $2.02 per thousand cubic feet, falling from the year-ago quarter level of $3.71. Realized liquids price rose to $41.82 per barrel from $39.09 in the third quarter of 2015.
ENCANA CORP Price and EPS Surprise
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ENCANA CORP (ECA): Free Stock Analysis Report
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