Ultra Petroleum Corp (UPL) Downgraded to “Strong Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Ultra Petroleum Corp (NYSE:UPL) from a hold rating to a strong sell rating in a report published on Friday morning.

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. “

Separately, KLR Group started coverage on shares of Ultra Petroleum Corp in a research report on Tuesday, August 29th. They set a buy rating and a $14.00 price objective on the stock.

Shares of Ultra Petroleum Corp (UPL) remained flat at $$8.65 during trading on Friday. The stock had a trading volume of 4,458,012 shares, compared to its average volume of 559,863. Ultra Petroleum Corp has a fifty-two week low of $0.16 and a fifty-two week high of $8.75.

Ultra Petroleum Corp (NYSE:UPL) last issued its quarterly earnings results on Tuesday, November 7th. The oil and gas exploration company reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.05). The business had revenue of $217.63 million during the quarter, compared to analysts’ expectations of $209.20 million.

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In related news, major shareholder Fir Tree Inc. acquired 1,549,899 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were bought at an average price of $7.85 per share, with a total value of $12,166,707.15. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have bought a total of 6,018,620 shares of company stock worth $48,152,106 in the last three months.

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

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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