Ultra Petroleum (UPL) Trading Near 52-Week Low; Dramatic Slowing in Drilling
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Price: $0.14 --0%
Rating Summary:
4 Buy, 12 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 23 | New: 12
Rating Summary:
4 Buy, 12 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 23 | New: 12
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Last Thursday, Feb 16th, Ultra Petroleum (NYSE: UPL) reported Q4 earnings that missed estimates by $0.03. Revenues were off target as well. The stock fell 6%, but rebounded approx. 1% on Friday.
Today. shares of UPL are trading at an intraday low, down $0.60 (-2.51%), to $23.31 and close to a 52-wk low (range $22.85-51.20)
Last Friday, Canaccord Genuity maintained a 'Buy' rating on UPL, but slashed its price target from $45 to $31. Jefferies & Co downgraded UPL from Buy to Hold.
Today, Barclays came out with comments...maintaining an 'Equalweight' rating, but lowered its price target by $1 to $22.
Analyst, Thomas R. Driscoll, said, "UPL plans to spend 40% (at $925 million) more than mid-cycle cash flow (~$650 million at $3.50) yet production will likely decline during from Q4 '11- Q4 '12. '12 capital will be funded by estimated hedge gains of ~ $250 million and assets sale of ~ $200 million. The cash shortfall will rise in '13; as a result, our '13 production estimates could be vulnerable to negative revision. We find it hard to justify the 65% premium to peers (using 2013E cash flows and $3.50 gas)." (Adjusts FY EPS from $0.95 to $1.45)
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 $23.92 yesterday.
Today. shares of UPL are trading at an intraday low, down $0.60 (-2.51%), to $23.31 and close to a 52-wk low (range $22.85-51.20)
Last Friday, Canaccord Genuity maintained a 'Buy' rating on UPL, but slashed its price target from $45 to $31. Jefferies & Co downgraded UPL from Buy to Hold.
Today, Barclays came out with comments...maintaining an 'Equalweight' rating, but lowered its price target by $1 to $22.
Analyst, Thomas R. Driscoll, said, "UPL plans to spend 40% (at $925 million) more than mid-cycle cash flow (~$650 million at $3.50) yet production will likely decline during from Q4 '11- Q4 '12. '12 capital will be funded by estimated hedge gains of ~ $250 million and assets sale of ~ $200 million. The cash shortfall will rise in '13; as a result, our '13 production estimates could be vulnerable to negative revision. We find it hard to justify the 65% premium to peers (using 2013E cash flows and $3.50 gas)." (Adjusts FY EPS from $0.95 to $1.45)
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 $23.92 yesterday.
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