SunTrust Robinson Humphrey Upgrades Ultra Petroleum (UPL) to Buy
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SunTrust Robinson Humphrey upgrades Ultra Petroleum (NYSE: UPL) from Neutral to Buy and raises their price target from $95 to $115.
The firm highlighted that the company has "excellent exposure to U.S. natural gas market fundamentals (95% natural gas)." In addition, the "Ultimate Pinedale Anticline net resource potential should approach 14 Tcfe and constitutes a 20 year drilling inventory." Also, the company’s aggregate cost structure (capital/operating/overhead) is 40% below the industry median.
The firm believes that UPL should achieve 25% production growth in 2008 and 39% growth in 2009. In addition, their 151.7 Bcfe 2008 production expectation is almost 5% above the high end of guidance (140-145 Bcfe) and the firm’s 210.6 Bcfe 2009 production expectation is almost 11% above the high end of guidance (185-190 Bcfe).
The firm raised their long-term gas price forecast from $9.50 to $10, and raised their long-term oil price forecast from $85 to $90, due to minor model refinements.
Ultra Petroleum is a natural gas dominant exploration and production (E&P) company focused on the Green River Basin in Wyoming, specifically the prolific Pinedale Anticline and Jonah fields.
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