NEW YORK (TheStreet) -- Encana (ECA) stock is moving higher before market open following a positive earnings report driven by higher gas prices and liquid production. In premarket trading, shares had popped 3.6% to $23.37.
Over its first quarter ending March, the oil and gas company reported earnings of $515 million, or 70 cents a share, a 192% year-over-year increase. Analysts surveyed by Thomson Reuters had expected net income of 55 cents a share.
"While first-quarter financial results were bolstered by improved NYMEX natural gas prices that were up 37% compared to the fourth quarter of 2013, the company also benefited from higher wellhead realizations relative to local benchmark prices," the company said in a statement.
Must Read: Warren Buffett's 10 Favorite Growth StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet Ratings team rates ENCANA CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: "We rate ENCANA CORP (ECA) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins, notable return on equity and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and generally higher debt management risk."
- You can view the full analysis from the report here: ECA Ratings Report
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts