ECA vs ERF.UNI never thought I would see the day when Enerplus (a G&O royalty fund) would have a higher share price than ECA. Makes you wonder what is the real value to shareholders of Gwyn Morgan's stubborn clinging to ECA's current business structure.
ECA has gotten too big and complex to be confidently valued and so the market's easiest route is to mark it up or down based on the latest gas prices. Its as if the horizon for the company was no more than 30 days out.
There is plenty of room for ECA to either pay out a very healthy dividend or restructure into a Trust and an exploration company. Either would show more respect for the shareholders.
Morgan always felt he knew better than anyone when it came to these matters - maybe the new guy will have an open mind.