ENCANA CORP. $57.80 (Toronto symbol ECA; Shares outstanding: 749.8 million; Market cap: $43.3 billion; SI Rating: Average) is a leading North American producer of natural gas and oil. Natural gas accounts for 80% of its production.
EnCana focuses on unconventional properties, such as early-stage gas fields and oil sands. These have much longer production lives than conventional properties. Right now, that gives EnCana a longer term resource base than Imperial Oil, although a return to high oil and gas prices would let Imperial continue to develop some of its higher-cost oil sands and Arctic natural gas prospects.
EnCana has postponed its plan to break itself up into two separate companies — one focusing on natural gas, the other on oil sands and oil refineries. That’s because falling energy prices and the problems in credit markets would likely make it difficult for the two new smaller companies to raise capital to fund new projects.
EnCana now trades at 4.0 times its forecast 2009 cash flow of $14.44 a share.
EnCana is still a buy.
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