Ultra Petroleum (UPL) Shares Down 6.3%

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Shares of Ultra Petroleum Corp (NASDAQ:UPL) dropped 6.3% during trading on Friday . The company traded as low as $0.57 and last traded at $0.59. Approximately 1,725,553 shares traded hands during trading, a decline of 23% from the average daily volume of 2,229,722 shares. The stock had previously closed at $0.63.

UPL has been the subject of a number of recent research reports. Stifel Nicolaus set a $1.00 price objective on Ultra Petroleum and gave the stock a “hold” rating in a research report on Wednesday, February 20th. Zacks Investment Research upgraded Ultra Petroleum from a “sell” rating to a “hold” rating in a report on Saturday, February 2nd. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $1.63.

The company has a market cap of $116.16 million, a price-to-earnings ratio of 0.77 and a beta of 0.92.

Ultra Petroleum (NASDAQ:UPL) last released its quarterly earnings data on Thursday, March 7th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.04. The business had revenue of $273.21 million for the quarter, compared to analyst estimates of $241.40 million. Ultra Petroleum had a negative return on equity of 13.76% and a net margin of 9.55%. As a group, research analysts expect that Ultra Petroleum Corp will post 0.38 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in Ultra Petroleum by 13.5% during the 4th quarter. Geode Capital Management LLC now owns 2,072,925 shares of the company’s stock worth $1,575,000 after acquiring an additional 246,147 shares in the last quarter. Norges Bank acquired a new position in Ultra Petroleum during the 4th quarter worth approximately $199,000. Millennium Management LLC lifted its position in Ultra Petroleum by 55.9% during the 4th quarter. Millennium Management LLC now owns 966,466 shares of the company’s stock worth $735,000 after acquiring an additional 346,450 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Ultra Petroleum during the 4th quarter worth approximately $79,000. Finally, Ibex Investors LLC lifted its position in Ultra Petroleum by 11.4% during the 4th quarter. Ibex Investors LLC now owns 1,080,883 shares of the company’s stock worth $821,000 after acquiring an additional 110,399 shares in the last quarter. 74.99% of the stock is currently owned by hedge funds and other institutional investors.

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About Ultra Petroleum (NASDAQ:UPL)

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.

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