Ultra Petroleum Corp. Now Covered by Analysts at Canaccord Genuity (UPL)
Equities researchers at Canaccord Genuity started coverage on shares of Ultra Petroleum Corp. (NYSE:UPL) in a research report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “hold” rating on the stock.
The analysts wrote, “UPL is a very low-cost producer of natural gas with potential upside in a rising price environment. However, its financial leverage makes it rather risky. The high debt load has led UPL to curtail much of its drilling to preserve its assets until prices recover. With high decline rates in both areas of operation, production and cash flow will fall. Therefore, UPL is in a bit of a ‘vicious circle’ until gas prices rise enough to allow it to drill more and resume production growth.”
UPL has been the subject of a number of other recent research reports. Analysts at Jefferies Group downgraded shares of Ultra Petroleum Corp. from a “hold” rating to an “underperform” rating in a research note to investors on Tuesday, August 13th. Separately, analysts at Deutsche Bank raised their price target on shares of Ultra Petroleum Corp. from $21.00 to $22.00 in a research note to investors on Wednesday, August 7th. Finally, analysts at Clarkson Capital initiated coverage on shares of Ultra Petroleum Corp. in a research note to investors on Friday, July 26th. They set an “outperform” rating on the stock.
Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $22.50.
Ultra Petroleum Corp. (NYSE:UPL) traded up 0.96% on Tuesday, hitting $21.12. 1,603,455 shares of the company’s stock traded hands. Ultra Petroleum Corp. has a one year low of $15.26 and a one year high of $24.52. The stock has a 50-day moving average of $21.26 and a 200-day moving average of $21.24. The company’s market cap is $3.231 billion.
Ultra Petroleum Corp. (NYSE:UPL) last released its earnings data on Friday, August 2nd. The company reported $0.47 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.42 by $0.05. The company had revenue of $436.99 million for the quarter, compared to the consensus estimate of $234.98 million. During the same quarter last year, the company posted $0.36 earnings per share. Ultra Petroleum Corp.’s revenue was up 53.5% compared to the same quarter last year. Analysts expect that Ultra Petroleum Corp. will post $1.68 EPS for the current fiscal year.
Ultra Petroleum Corp. (NYSE:UPL) is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties.
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