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Ultra Petroleum Corp. (NYSE:UPL) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research note issued on Monday. They currently have a $28.00 target price on the stock. Zacks‘s price target points to a potential upside of 5.54% from the stock’s previous close.

Zacks’ analyst wrote, “We are downgrading Ultra Petroleum shares to Neutral from Outperform the primary factors being lower-than-expected second quarter earnings and the latest debt-financed acquisition. Though we like the company’s portfolio repositioning initiatives – toward liquids-rich plays and away from dry natural gas development , its low cost structure and the recent addition of high-return oil-rich acreage in Utah’s Uinta basin, we believe these factors are adequately reflected in the present valuation. Our main concern lies with UPL’s ever increasing balance sheet leverage and low hedge percentage. 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 up 1.18% on Monday, hitting $26.53. 969,458 shares of the company’s stock traded hands. Ultra Petroleum Corp. has a 52 week low of $18.22 and a 52 week high of $31.43. The stock has a 50-day moving average of $24.64 and a 200-day moving average of $26.61. The company has a market cap of $4.065 billion and a P/E ratio of 12.97.

Ultra Petroleum Corp. (NYSE:UPL) last released its earnings data on Thursday, July 31st. The company reported $0.52 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.53 by $0.01. The company had revenue of $296.10 million for the quarter, compared to the consensus estimate of $275.60 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. Analysts expect that Ultra Petroleum Corp. will post $2.80 EPS for the current fiscal year.

UPL has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ultra Petroleum Corp. in a research note on Monday, August 18th. They now have a $25.00 price target on the stock, up previously from $24.00. Separately, analysts at Capital One Financial Corp. upgraded shares of Ultra Petroleum Corp. from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 15th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $29.25.

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.

To view Zacks’ full report, visit Zacks’ official website.

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