Barclays Maintains an 'Equalweight' on Ultra Petroleum (UPL); $4.00/MMbtu Gas Price May Hinder 18-30% Growth Expectations

Barclays maintains an 'Equalweight' on Ultra Petroleum (NYSE: UPL) price target lowered $1 to $34.

Barclays analyst says, "We continue to see limited potential upside in UPL shares with gas prices continuing to hover below $4.00/MMbtu...UPL projects 2012 production will grow 18-30% YoY with $1.0-1.1B spend as the Marcellus backlog gets worked off. Our model reflects 17% growth with $1.0B spend. We project cash flow of $825mm under $4.00/MMBtu and question that UPL will be willing to significantly outspend in a $4.00/MMbtu natural gas price environment."

For an analyst ratings summary and ratings history on Ultra Petroleum click here. For more ratings news on Ultra Petroleum click here.

Shares of Ultra Petroleum closed at $35.66 yesterday, with a 52 week range of $24.39-$50.97.

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