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Are Institutional Investors Accumulating Encana?

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Feb. 1 2017, Updated 7:37 a.m. ET

Encana’s 13F filers’ statistics

In 3Q16, 178 funds were “buyers” of Encana’s (ECA) stock, and 124 funds were “sellers” of ECA. That means, in 3Q16, total buying funds outnumbered total selling funds by 54. As of September 30, 2016, 331 13F filers held ECA in their portfolio. Out of these, 17 filers have ECA in their top ten holdings.

Even when looked at from the aggregate shares point of view, for 3Q16, 13F filers increased their aggregate ECA position by ~14%, or from ~549.4 million shares to ~626.1 million shares.

In notable additions, Royal Bank of Canada increased its ECA holdings by 83%. In 3Q16, Royal Bank of Canada purchased ~9.9 million shares of ECA to bring its total ECA position to ~21.9 million shares. ECA constitutes 0.13% of Royal Bank of Canada’s portfolio.

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Elliott Associates created a new ECA position by purchasing ~12.1 million shares. ECA constitutes 1.0% of Elliott Associates’ portfolio. As of September 30, 2016, Encana had ~957 million common shares outstanding. Form 13F is a SEC mandate that all institutional investors who manage more than $100 million in assets must file.

Other upstream players

In 3Q16, 13F filers reduced their aggregate shares positions in upstream companies like EOG Resources (EOG), CONSOL Energy (CNX), and ConocoPhillips (COP). The ISE-Revere Nat Gas Index Fund (FCG) invests in natural gas producers, whereas the Energy Select Sector SPDR ETF (XLE) generally invests at least 95% of its total assets in oil and gas companies.

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