Canaccord Genuity Maintains a 'Buy' on Ultra Petroleum (UPL); Higher Capital Productivity Offset By Lower Capex

May 4, 2012 10:09 AM EDT
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Price: $0.31 --0%

Rating Summary:
    4 Buy, 15 Hold, 8 Sell

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Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Canaccord Genuity maintains a 'Buy' on Ultra Petroleum (NYSE: UPL) price target lowered from $30 to $26.

Analyst, John Gerdes, said, "We are lowering our target due to lower capital spending and higher transportation expense partly offset by higher capital productivity. Our ’12 capital spending estimate declined ~$100 million in accordance with Ultra’s guidance while our ’13+ capex estimates fell ~$200 million to ~$900 million. The Southern DJ Basin Niobrara represents Ultra’s best near-term chance to escape the gravitational pull of low natural gas prices...We lowered our ’12 spending estimate ~$100 million though increased our ’12 production outlook 3% to 267 Bcfe."

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 $19.01 yesterday.

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