UPDATE: Citi Lowers ECA Marcellus Trust's PT

According to a research report published this morning, Citi has lowered ECA Marcellus Trust's

PT from $22 to $19. In the report, Citi said, "ECT reported distributable cash flows of $9.2 million, which compares to $8.3 million in 1Q11 and our estimate of $9.7 million for 1Q12. The yoy change was due to the success of the drilling program leading to higher production volumes partially offset by lower natural gas prices. In addition, the variance between our estimates and the 1Q12 result can be primarily attributed to lower than forecast avg. realized prices, partially offset by slightly lower than forecast SG&A expenses." Citi maintains its Neutral rating on ECA Marcellus Trust, which closed yesterday at $19.05.