Jefferies Starts Ultra Petroleum (UPL) at Hold

Jefferies initiates coverage on Ultra Petroleum (NYSE: UPL) with a Hold rating and a price target of $13.00.

Analyst Jonathan Wolff comments, "UPL has made great strides to simplify the asset base and create greater operational control. However, our restrained view is centered on UPL’s debt-financed acquisitions (Uinta, Pinedale) in a weakened natural gas price environment, which has created very high financial leverage, and related pressure to cut spending/growth pending a more meaningful commodity price recovery."

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 $14.96 yesterday.

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