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Ultra Petroleum Corp. (NYSE:UPL) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Monday. The firm currently has a $31.00 price objective on the stock. Zacks‘s target price suggests a potential upside of 6.79% from the company’s current price.

Zacks’ analyst wrote, “Ultra Petroleum’s focus on profitable growth, disciplined capital allocation and future rebalancing initiatives make it a great stock to own. The predominantly natural gas producer boasts of a low cost structure that allows it to earn handsome margins. Moreover, taking a cautious view of unpredictable 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. In particular, the recent purchase of high-return oil-rich acreage in Utah’s Uinta basin is expected to drive Ultra Petroleum’s crude volumes. Considering these factors, plus the improving operating efficiencies, we upgrade our recommendation on the company’s shares to Outperform from Neutral.”

Several other analysts have also recently commented on the stock. Analysts at Sterne Agee upgraded shares of Ultra Petroleum Corp. from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 21st. They now have a $35.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Barclays upgraded shares of Ultra Petroleum Corp. from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 20th. They now have a $23.00 price target on the stock, up previously from $18.00. Finally, analysts at Raymond James upgraded shares of Ultra Petroleum Corp. from a “market perform” rating to an “outperform” rating in a research note on Monday, April 7th. They now have a $36.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Ultra Petroleum Corp. has an average rating of “Hold” and an average target price of $28.67.

Shares of Ultra Petroleum Corp. (NYSE:UPL) traded down 0.10% on Monday, hitting $29.00. The stock had a trading volume of 674,435 shares. Ultra Petroleum Corp. has a 1-year low of $18.22 and a 1-year high of $31.43. The stock has a 50-day moving average of $28.07 and a 200-day moving average of $24.97. The company has a market cap of $4.441 billion and a P/E ratio of 13.88.

Ultra Petroleum Corp. (NYSE:UPL) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.04. The company had revenue of $326.30 million for the quarter, compared to the consensus estimate of $290.60 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 44.6% on a year-over-year basis. On average, analysts predict that Ultra Petroleum Corp. will post $2.93 earnings per share 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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