UBS Maintains a 'Neutral' on Ultra Petroleum (UPL); Takeaways From Conference Call

UBS maintains a 'Neutral' on Ultra Petroleum (NYSE: UPL) price target lowered from $22 to $20.

Analyst, William A. Featherston, said, "Key conference call takeaways: 1) Management commented they are unlikely to add rigs in the Pinedale until price reaches >$5/MMBtu, hinting that the play may see a prolonged period of prod’n declines; 2) APC (4 to 1) & Shell (5 to 3) are cutting Marcellus rigs; 3) expects results from the 1st Geneseo test well in 2Q; & 4) In the DJ basin, UPL’s evaluating vertical well results & plans to drill its 1st horizontal well this summer."

"We are reducing ‘13 growth forecast from +3% to -4% and revising ‘12-13 EPS/CFPS to $1.35/$5.00 & $0.90/$4.30 from $1.35/$4.90 & $1.00/$4.45. Our revised ‘13E production forecast of 246 Bcfe is below consensus of 272 Bcfe."

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 $19.01 yesterday.

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