Ultra Petroleum Corp (UPL) Shares Gap Down Following Weak Earnings

Ultra Petroleum Corp (NYSE:UPL)’s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $8.60, but opened at $8.46. Ultra Petroleum Corp shares last traded at $8.46, with a volume of 2850184 shares trading hands.

The oil and gas exploration company reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.05). The firm had revenue of $217.63 million for the quarter, compared to analyst estimates of $209.20 million.

UPL has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Ultra Petroleum Corp from a “buy” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. KLR Group initiated coverage on shares of Ultra Petroleum Corp in a research note on Tuesday, August 29th. They set a “buy” rating and a $14.00 target price for the company.

In other news, major shareholder Fir Tree Inc. bought 3,044,821 shares of Ultra Petroleum Corp stock in a transaction on Wednesday, August 23rd. The stock was purchased at an average cost of $8.16 per share, with a total value of $24,845,739.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 6,018,620 shares of company stock valued at $48,152,106 over the last three months.

Several hedge funds have recently added to or reduced their stakes in UPL. Vanguard Group Inc. bought a new stake in shares of Ultra Petroleum Corp during the 2nd quarter worth about $139,044,000. PointState Capital LP bought a new stake in shares of Ultra Petroleum Corp during the 2nd quarter worth about $56,965,000. Numeric Investors LLC bought a new stake in shares of Ultra Petroleum Corp during the 2nd quarter worth about $42,298,000. Northern Trust Corp bought a new stake in shares of Ultra Petroleum Corp during the 2nd quarter worth about $35,624,000. Finally, Harris Associates L P bought a new stake in shares of Ultra Petroleum Corp during the 2nd quarter worth about $31,767,000.

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About Ultra Petroleum Corp

Ultra Petroleum Corp. (Ultra) is an oil and gas company. The Company is engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. Its principal business activities are developing its natural gas reserves in the Green River Basin of southwest Wyoming-the Pinedale and Jonah fields, its oil reserves in the Uinta Basin in northeast Utah and its natural gas reserves in the north-central Pennsylvania area of the Appalachian Basin.

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