Citigroup Maintains Neutral, $20 Target on EnaCana

Citigroup reiterates its Neutral rating and $20 target price on EnaCana Corporation

as new liquids plays come into focus but production outlook remains weak. Citi comments, “– Most of the production growth next year is expected to come from Deep Panuke project offshore East Canada which is expected to startup mid next year and contribute 13 MBOE/d net to 2012 production. The rest of the onshore production is expected to grow at modest 2% in view of lower capital expenditures, with bulk of growth coming from liquids as the company continues to invest into NGL extraction.” ECA closed up 0.63 percent at $19.17 per share on Friday.