Phil Skolnick, the analyst who drew an obscenity from Encana Corp. on a recent conference call, has never been much of a fan of investing in the energy company.

Mr. Skolnick, who covers Encana for Canaccord Genuity, has had a “hold” rating on the stock for almost three years, the analysts’ equivalent of “you can do better.” It’s been a good call, as Encana’s stock has slumped the whole time, but it’s not the kind of thing that endears someone to management. And it’s not like he’s alone: There are 18 hold ratings, five sells and only two buys on Encana stock, according to the analysts tracked by Bloomberg.