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

May 4, 2012 10:09 AM EDT Send to a Friend
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Price: $22.41 -2.78%

Rating Summary:
    7 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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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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