NEW YORK (TheStreet) -- Shares of Encana Corp. (ECA) fell to a 52-week low of $12.50, as U.S. crude oil futures fell below $60 a barrel for the first time in five years on oversupply concerns, CNBC reports.
Deutsche Bank maintained its "buy" rating on the oil and gas company in its 2015 E&P outlook, while slightly lowering its price target to C$26 from C$27.
"Under new management, ECA has undergone a significant transformation with divestitures of mature gas assets to fund major Eagle Ford and Permian acquisitions. With the portfolio moves largely completed, ECA can now provide a view on the trajectory of production growth," analysts said.
"With the assets in place, we see a positive liquids mix shift towards oil and away from NGLs, which will improve BOE margins, and in turn capital efficiency," analysts added.
WTI crude was down 2.26% to $59.56 per barrel as of 4:08 p.m. in New York.
Brent and West Texas Intermediate traded near the lowest price since July 2009, as Saudi Arabia questioned the need to cut output, bolstering speculation that OPEC's biggest producer will defend market share.
Traders warned that a bottom for crude oil remained elusive after a six month selloff, CNBC added.
Separately, TheStreet Ratings team rates ENCANA CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: