Ultra Petroleum Corp (NYSE:UPL) Shares Gap Down Following Weak Earnings
Ultra Petroleum Corp (NYSE:UPL)’s share price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $7.42, but opened at $7.76. Ultra Petroleum Corp shares last traded at $7.80, with a volume of 1,448,362 shares traded.
The oil and gas exploration company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.38 by $0.10. The business had revenue of $212.66 million during the quarter, compared to analysts’ expectations of $226.80 million.
Several equities analysts have commented on UPL shares. Stifel Nicolaus upgraded Ultra Petroleum Corp from a “hold” rating to a “buy” rating in a research report on Monday, June 12th. Zacks Investment Research upgraded Ultra Petroleum Corp from a “sell” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Wednesday, July 26th.
Several large investors have recently modified their holdings of the stock. First Manhattan Co. bought a new stake in shares of Ultra Petroleum Corp during the second quarter valued at $23,328,000. Monarch Partners Asset Management LLC bought a new stake in shares of Ultra Petroleum Corp during the second quarter valued at $10,238,000. JPMorgan Chase & Co. bought a new stake in shares of Ultra Petroleum Corp during the second quarter valued at $7,772,000. Bank of New York Mellon Corp bought a new stake in shares of Ultra Petroleum Corp during the second quarter valued at $6,836,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Ultra Petroleum Corp during the second quarter valued at $5,245,000.
The company’s market capitalization is $1.58 billion. The firm’s 50 day moving average is $9.99 and its 200 day moving average is $10.81.
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About Ultra Petroleum Corp
Ultra Petroleum Corp. (Ultra) is an oil and gas company. The Company is engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. Its principal business activities are developing its natural gas reserves in the Green River Basin of southwest Wyoming-the Pinedale and Jonah fields, its oil reserves in the Uinta Basin in northeast Utah and its natural gas reserves in the north-central Pennsylvania area of the Appalachian Basin.
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