CALGARY, Alberta (AP) — One of Canada's oldest and largest energy companies is moving its corporate headquarters from Calgary to the United States.
Encana Corp. is also changing its name to Ovintiv Inc. The company says having a U.S. address will expose it to increasingly larger pools of investment in U.S. index funds and passively managed accounts.
Chief executive Doug Suttles said Thursday the changes will not affect any Canadian staff, result in any layoffs or divert investment strategies in oil and gas formations in Alberta and British Columbia.
Analysts said the move is not surprising given Encana's increased focus on oil and natural gas liquids plays in the United States over the past decade, culminating in its US$5.5 billion all-shares acquisition of U.S. rival Newfield Exploration Co. announced a year ago.
Before you consider Newfield Exploration, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Newfield Exploration wasn't on the list.
While Newfield Exploration currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?
Get This Free Report
