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Fly News Breaks for January 24, 2020
ECA
Jan 24, 2020 | 06:20 EDT
Cowen analyst Gabriel Daoud downgraded Encana to Market Perform from Outperform with a price target of $5, down from $6. With a "backwardated" oil strip, depressed natural gas prices, and the loss of hedge gains, the analyst sees "deteriorating" fundamentals for Encana into 2021. He notes the company's free cash flow, margins, balance sheet and valuation are all worse year-over-year.
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