Ultra Petroleum (UPL) Sinks After Confirming Credit Facility Draw Down - Analyst

Ultra Petroleum (NYSE: UPL) is sinking 28% after the company confirmed it has drawn down the remaining $266 million available on its $1 billion credit facility capacity, and formally noted it faces challenges complying with debt covenants and refinancing existing debt

"We believe news that "the company is evaluating a variety of strategic alternatives" bodes poorly for the outlook for UPL shares," Sterne Agee CRT analyst Tim Rezvan said. "While we summarize 4Q earnings below, we believe results will be of little solace to any investors long UPL shares today."

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 $0.65 yesterday.

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