Canaccord Genuity Maintains a 'Buy' on Ultra Petroleum (UPL); Higher Capital Productivity Offset By Lower Capex
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Price: $23.48 +3.39%
Rating Summary:
3 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
3 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade UPL Now!
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, with a 52 week range of $17.62-$49.07.
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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, with a 52 week range of $17.62-$49.07.
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