Ultra Petroleum (UPL) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Ultra Petroleum (NASDAQ:UPL) from a hold rating to a sell rating in a report published on Saturday.

According to Zacks, “Ultra Petroleum Corp. is an energy company. It engaged in domestic natural gas and oil exploration, development and production. Ultra Petroleum Corp. is based in Houston, United States. “

Several other equities research analysts have also recently weighed in on UPL. Capital One Financial cut shares of Ultra Petroleum from an equal weight rating to an underweight rating in a research note on Friday, August 10th. Stifel Nicolaus cut shares of Ultra Petroleum from a buy rating to a hold rating and reduced their target price for the company from $3.00 to $1.00 in a research note on Friday, May 25th. ValuEngine cut shares of Ultra Petroleum from a sell rating to a strong sell rating in a research note on Friday, September 7th. Finally, National Alliance Securities cut shares of Ultra Petroleum from a buy rating to a hold rating in a research note on Friday, August 10th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock has an average rating of Sell and an average price target of $1.63.

Shares of NASDAQ:UPL opened at $1.24 on Friday. The stock has a market capitalization of $256.17 million, a PE ratio of 0.61 and a beta of 0.64. Ultra Petroleum has a 52-week low of $0.92 and a 52-week high of $10.18. The company has a debt-to-equity ratio of -1.95, a quick ratio of 0.43 and a current ratio of 0.50.

Ultra Petroleum (NASDAQ:UPL) last issued its quarterly earnings results on Thursday, August 9th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). The business had revenue of $190.14 million during the quarter, compared to analyst estimates of $202.80 million. Ultra Petroleum had a negative net margin of 23.49% and a negative return on equity of 21.81%. sell-side analysts predict that Ultra Petroleum will post 0.74 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in UPL. Jane Street Group LLC lifted its stake in Ultra Petroleum by 227.4% during the second quarter. Jane Street Group LLC now owns 50,269 shares of the company’s stock worth $116,000 after purchasing an additional 89,712 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Ultra Petroleum during the first quarter worth about $242,000. IPG Investment Advisors LLC bought a new position in Ultra Petroleum during the second quarter worth about $254,000. Raffles Associates LP lifted its stake in Ultra Petroleum by 50.0% during the second quarter. Raffles Associates LP now owns 150,000 shares of the company’s stock worth $346,000 after purchasing an additional 50,000 shares during the period. Finally, Legal & General Group Plc lifted its stake in Ultra Petroleum by 89.0% during the first quarter. Legal & General Group Plc now owns 92,482 shares of the company’s stock worth $385,000 after purchasing an additional 43,553 shares during the period. Hedge funds and other institutional investors own 90.61% of the company’s stock.

Ultra Petroleum Company Profile

Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, operation, and production 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; and its oil reserves in the Uinta Basin in northeast Utah.

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