Zacks Reiterates Neutral Rating for Ultra Petroleum Corp. (UPL)
Ultra Petroleum Corp. (NYSE:UPL)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Friday, StockRatingsNetwork.com reports. They currently have a $22.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 6.28% from the stock’s previous close.
Zacks‘ analyst wrote, “We are maintaining our Neutral recommendation on Ultra Petroleum shares, reflecting the company’s portfolio repositioning initiatives. Taking a cautious view of gas prices, Ultra has focused its capital program on the promising liquids-rich plays, which is a major shift away from dry natural gas development. The company has trimmed its current year capex by 50% from last year’s level, while still looking for robust production. While subscribing to management’s outlook, we believe the realignment of Ultra will take some time to bear results. The company also lacks geographic diversification, which somewhat hampers its competitive positioning. As such, we see the stock performing in line with the broader market.”
Ultra Petroleum Corp. (NYSE:UPL) traded down 0.72% on Friday, hitting $20.55. The stock had a trading volume of 783,520 shares. Ultra Petroleum Corp. has a 52 week low of $15.26 and a 52 week high of $24.52. The stock has a 50-day moving average of $21. and a 200-day moving average of $20.8. The company’s market cap is $3.144 billion. Ultra Petroleum Corp. also was the target of some unusual options trading on Tuesday. Stock traders acquired 10,073 put options on the stock. This is an increase of 730% compared to the average volume of 1,213 put options.
Ultra Petroleum Corp. (NYSE:UPL) last announced its earnings results 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. On average, analysts predict that Ultra Petroleum Corp. will post $1.67 earnings per share for the current fiscal year.
UPL has been the subject of a number of other recent research reports. Analysts at Canaccord Genuity initiated coverage on shares of Ultra Petroleum Corp. (NYSE:UPL) in a research note to investors on Tuesday, August 20th. They set a “hold” rating and a $22.00 price target on the stock. Separately, analysts at Jefferies Group downgraded shares of Ultra Petroleum Corp. (NYSE:UPL) from a “hold” rating to an “underperform” rating in a research note to investors on Tuesday, August 13th. Finally, analysts at Deutsche Bank raised their price target on shares of Ultra Petroleum Corp. (NYSE:UPL) from $21.00 to $22.00 in a research note to investors on Wednesday, August 7th.
Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $22.44.
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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