Daniel R Moore
Portfolio strategy, bonds, oil & gas, long-term horizon

ECA Marcellus Trust I - Still An Expensive Natural Gas Pure Play

In February of 2013, I published an article entitled "ECA Marcellus Trust is an Expensive Natural Gas Play - Income Investors Beware." At the time, the ECA Marcellus Trust (NYSE:ECT) units were trading at $18.34. Today, the units trade at $8.75. Since I have not published a report on ECT in over a year, the following article is my updated opinion about the current fair value of the Trust.

On March 14, 2014, ECA Marcellus Trust I published its 10-K annual report, which contained an updated standardized measure of proven reserves (PV-10). Within the 10-K, investors can find important information about the Trust. ECA Marcellus Trust is a Delaware statutory trust formed in March 2010 by...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details