Bank of America Corp DE lowered its position in shares of Ultra Petroleum Corp (NASDAQ:UPL) by 29.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,557,887 shares of the company’s stock after selling 642,048 shares during the period. Bank of America Corp DE’s holdings in Ultra Petroleum were worth $3,599,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd bought a new stake in Ultra Petroleum in the 1st quarter worth approximately $242,000. IPG Investment Advisors LLC bought a new stake in Ultra Petroleum in the 2nd quarter worth approximately $254,000. Raffles Associates LP grew its position in Ultra Petroleum by 50.0% in the 2nd 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. Legal & General Group Plc grew its position in Ultra Petroleum by 89.0% in the 1st 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. Finally, BlueMountain Capital Management LLC bought a new stake in Ultra Petroleum in the 2nd quarter worth approximately $1,054,000. 90.70% of the stock is owned by institutional investors.
NASDAQ:UPL opened at $1.33 on Friday. Ultra Petroleum Corp has a 12 month low of $0.82 and a 12 month high of $10.18. The company has a market capitalization of $234.49 million, a price-to-earnings ratio of 0.65 and a beta of 0.63.
Ultra Petroleum (NASDAQ:UPL) last posted its earnings results on Thursday, August 9th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Ultra Petroleum had a negative return on equity of 21.81% and a negative net margin of 23.49%. The company had revenue of $190.14 million during the quarter, compared to the consensus estimate of $202.80 million. On average, equities analysts expect that Ultra Petroleum Corp will post 0.73 earnings per share for the current year.
UPL has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Ultra Petroleum from a “strong-buy” rating to a “hold” rating in a research report on Saturday, July 7th. National Alliance Securities downgraded shares of Ultra Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. ValuEngine downgraded shares of Ultra Petroleum from a “sell” rating to a “strong sell” rating in a research report on Friday, September 7th. Finally, Capital One Financial downgraded shares of Ultra Petroleum from an “equal weight” rating to an “underweight” rating in a research report on Friday, August 10th. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Ultra Petroleum has an average rating of “Sell” and an average price target of $1.63.
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 Wyomingthe Pinedale and Jonah fields; and its oil reserves in the Uinta Basin in northeast Utah.
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