Shares of EnCana Corp. hit an all-time high Monday morning after the energy company said over the weekend it would split into two companies, leading analysts to raise their price target and ratings.
The stock jumped $4.71, or 5.5 percent, to $90.64. It hit an all-time high of $92.41 after the opening bell.
Calgary, Alberta-based EnCana said Sunday it would divide itself into a natural gas company and an oil company, which will be operated with ConocoPhillips.
Under the terms of the split, expected to be completed in early 2009, EnCana shareholders will receive one share in each new company for every EnCana share they hold.
Friedman, Billings, Ramsey & Co. analyst Amir Arif raised his price target on EnCana to $92 from $88, and kept a "Market Perform" rating.
The new target implies he expects the stock to rise about 7 percent over Friday's $85.93 close.
Elsewhere, Raymond James upgraded EnCana to "Strong Buy" from "Outperform" after the news.
EnCana has a $64.45 billion market cap and employs about 5,200. Its stock has risen about 26 percent so far this year.
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