Ultra Petroleum (NASDAQ:UPL) Stock Rating Upgraded by Zacks Investment Research

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Zacks Investment Research upgraded shares of Ultra Petroleum (NASDAQ:UPL) from a sell rating to a hold rating in a research note released on Saturday, Zacks.com reports.

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. “

UPL opened at $0.23 on Friday. Ultra Petroleum has a fifty-two week low of $0.16 and a fifty-two week high of $2.04. The company has a market cap of $49.80 million, a price-to-earnings ratio of 0.30 and a beta of -0.04. The stock’s 50 day simple moving average is $0.29.

Ultra Petroleum (NASDAQ:UPL) last posted its earnings results on Thursday, May 9th. The company reported $0.14 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.14. Ultra Petroleum had a net margin of 8.35% and a negative return on equity of 11.65%. The firm had revenue of $271.46 million for the quarter, compared to analyst estimates of $279.00 million. As a group, analysts expect that Ultra Petroleum will post 0.23 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. IPG Investment Advisors LLC grew its holdings in Ultra Petroleum by 1,200.0% during the 1st quarter. IPG Investment Advisors LLC now owns 130,000 shares of the company’s stock worth $79,000 after acquiring an additional 120,000 shares during the last quarter. Spark Investment Management LLC boosted its stake in shares of Ultra Petroleum by 208.5% in the 1st quarter. Spark Investment Management LLC now owns 269,900 shares of the company’s stock valued at $164,000 after purchasing an additional 182,400 shares during the last quarter. Ibex Investors LLC boosted its stake in shares of Ultra Petroleum by 19.6% in the 1st quarter. Ibex Investors LLC now owns 1,293,075 shares of the company’s stock valued at $789,000 after purchasing an additional 212,192 shares during the last quarter. First Manhattan Co. boosted its stake in shares of Ultra Petroleum by 26.1% in the 1st quarter. First Manhattan Co. now owns 1,809,180 shares of the company’s stock valued at $1,103,000 after purchasing an additional 374,124 shares during the last quarter. Finally, Wambolt & Associates LLC bought a new stake in shares of Ultra Petroleum in the 1st quarter valued at $35,000. 70.93% of the stock is currently owned by hedge funds and other institutional investors.

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.

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