Brean Capital Upgrades Ultra Petroleum (UPL) to Buy

April 2, 2013 7:26 AM EDT
Get Alerts UPL Hot Sheet
Price: $0.31 --0%

Rating Summary:
    4 Buy, 15 Hold, 8 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Brean Capital upgraded Ultra Petroleum (NYSE: UPL) from Hold to Buy with a price target of $36.00 calling it a free call on Marcellus acreage.

"Based on our calculated value for its proven reserves and Pinedale Anticline probable reserves, the market is putting no value on the company's Marcellus acreage versus an implied $9,200 an acre peer median," analyst Raymond Deacon said. "The market is likely to focus less on the 2013 production decline as the year moves forward and increase its focus on organic self-funded growth in 2014 at current strip pricing. The risk of a strategic acquisition is low in our opinion. The shares trade at an implied value of $0.60/mcfe on 2P reserves vs $0.97/mcfe for the Marcellus peers."

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 $19.76 yesterday.

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