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Encana (ECA) made a large acquisition back in February. Ever since then, the price has gone down. At least some of the movement has to do with the latest oil price weakness. But company management has made matters worse by initiating a stock buyback while taking on the Newfield Exploration (NFX) debt. Debt now totals more than $7 billion when consolidated, while first-quarter cash flow from operating activities was less than $500 million. Those are the type of numbers that will scare the market.