Canaccord Genuity Maintains a 'Buy' on Ultra Petroleum (UPL); Price Target Cut on Rollover

Canaccord Genuity maintains a 'Buy' on Ultra Petroleum (NYSE: UPL) price target of $27.00 (from $29.00).

Analyst, John Gerdes, said, "We are lowering our target due to a stronger than anticipated rollover in Pinedale field production. Our target price is anchored on a $5 long-term NYMEX gas price, which is only modestly higher than the gas price currently reflected in E&P equities...UPL offers ~30% less relative upside potential than the group though has ~20% absolute upside...At present, the Southern DJ Basin Niobrara represents Ultra’s most visible higher margin oil-oriented resource opportunity."

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 $22.62 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Freedom Broker Upgrades PrimeEnergy Resource (PNRG) to Hold
• Candel Therapeutics Inc. (CADL) PT Raised to $15 at Freedom Broker
• BWS Financial Downgrades Inter Parfums (IPAR) to Sell