Oppenheimer Downgrades ECA Marcellus Trust (ECT) to Underperform, Sees 24% Downside
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Price: $0.40 --0%
Rating Summary:
0 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer downgraded ECA Marcellus Trust (NYSE: ECT) from Perform to Underperform with a price target of $20 suggesting 24% downside.
The firm comments, "We urge liquidation of positions as we believe: 1) 2012 consensus estimates are too high; 2) ECT may not achieve subordinated thresholds in 3Q12 and 4Q12; 3) 2012 is the peak year for distributions; 4) ECT has the lowest 2012E yield among peers; and 5) the IRR on investment at the current price is unattractive both absolutely and relatively. We recommend investing proceeds in VOC and/or PER."
For an analyst ratings summary and ratings history on ECA Marcellus Trust click here. For more ratings news on ECA Marcellus Trust click here.
Shares of ECA Marcellus Trust closed at $26.24 yesterday.
The firm comments, "We urge liquidation of positions as we believe: 1) 2012 consensus estimates are too high; 2) ECT may not achieve subordinated thresholds in 3Q12 and 4Q12; 3) 2012 is the peak year for distributions; 4) ECT has the lowest 2012E yield among peers; and 5) the IRR on investment at the current price is unattractive both absolutely and relatively. We recommend investing proceeds in VOC and/or PER."
For an analyst ratings summary and ratings history on ECA Marcellus Trust click here. For more ratings news on ECA Marcellus Trust click here.
Shares of ECA Marcellus Trust closed at $26.24 yesterday.
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