Utility helps Encana develop gas field

Article Excerpt

ENCANA CORP. $31 (Toronto symbol ECA; Conservative Growth Portfolio, Resources sector; Shares outstanding: 736.3 million; Market cap: $22.8 billion; Price-to-sales ratio: 3.0; Dividend yield: 2.4%; TSINetwork Rating: Average; www.encana.com) continues to use joint ventures to cut the cost of developing its unconventional natural-gas properties. Northwest Natural Gas Co. (New York symbol NWN) will invest $250 million U.S. over the next five years for an undisclosed stake in Encana’s Jonah field in Wyoming. The deal gives Northwest, which distributes gas to 674,000 customers in Oregon and Washington State, a portion of Jonah’s production at a set price. Encana is a buy. buy…