Encana hangs on to key gas project

Article Excerpt

ENCANA CORP. $22 (Toronto symbol ECA; Conservative Growth Portfolio, Resources sector; Shares outstanding: 740.9 million; Market cap: $16.3 billion; Price-to-sales ratio: 2.8; Dividend yield: 1.4%; TSINetwork Rating: Average; www.encana.com) has decided not to sell its Deep Panuke offshore natural gas platform near Nova Scotia. This project reached full production of 300 million cubic feet a day in late 2013, which is equal to 11% of Encana’s total output. Unusually cold winter weather has surred higher natural gas usage, and pushed up prices. That helps improve Deep Panuke’s profitability. Encana is a buy. buy…