Jefferies Downgrades Ultra Petroleum (UPL) to Hold

Jefferies downgraded Ultra Petroleum (NYSE: UPL) from Buy to Hold with a price target of $22 (down from $27).

The firm comments, "Downgrading to HOLD on bleak production outlook and weak gas price fundamentals. Rising Marcellus service costs continue to pinch IRRs while Pinedale returns appear marginal below $5. Absent a gas price bounce or a southern DJ Basin discovery, UPL should struggle to post debt adjusted production per share growth."

The firm raised Q1 EPS from $0.57 to $0.57, FY12 up from $2.54 to $2.55 and FY13 was cut from $1.76 to $1.49.

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 $23.72 yesterday.

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