JP Morgan: “Time To “Underweight” Ultra Petroleum (NYSE:UPL)”


How JP Morgan Currently Rates Ultra Petroleum (NYSE:UPL)

New York: Ultra Petroleum (NYSE:UPL) coverage has been initiated with a “Underweight” rating by expert analysts at JP Morgan. This was shared with investors in an analyst note on Wednesday morning.

From a total of 16 analysts covering Ultra Petroleum Corp. (NYSE:UPL) stock, 4 rate it a ”Buy”, 2 a “Sell”, and 13 a ”Hold”. This means that 21% of the ratings are positive. The highest target price is $28 while the lowest target price is $2. The mean of all analyst targets is $10.81 with a 215.64% above today’s ($3.26) stock price. Ultra Petroleum Corp. was the topic of 13 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on July 31 with “Sector Perform” rating.

Approximately 561,027 shares of stock traded hands. Ultra Petroleum Corp. (NYSE:UPL) has declined 82.41% since May 6, 2015 and is downtrending. It has underperformed by 81.61% the S&P500.

The overall sentiment of institutions has decreased to 0.78 in Q2 2015. Its down 0.35, from 1.13 in 2015Q2. The ratio fall, as 48 institutions have sold all the shares of Ultra Petroleum Corp. that they owned while 62 funds have taken shares off the table. 20 funds have purchased shares for the first time while 66 added to their positions. These institutions now hold 133.53 million shares or 5.21% less than the 140.87 million shares they owned in 2015Q2.

The Fund Arga Investment Management Lp currently is holding shares equating to 9.09% of its total portfolio in Ultra Petroleum Corp. representing a total of 4.97 million shares. Another fund,Socratic Fund Management L.P., is holding a total of 150,000 shares equating to 8.01% of their holdings. Additionally, Elm Ridge Management Llc has a 1.60 million share stake in Ultra Petroleum Corp. which represents 1.49% of their total portfolio. The Fund, Disciplined Growth Investors Inc Mn, based out of Minnesota, has also built up a stake in the stock, which represents a total of 0.9% of their total portfolio. Finally Ci Investments Inc., a fund which is based in the state of Ontario – Canada reported a total holdings of 9.86 million shares.

Ultra Petroleum Corp. is an independent gas and oil company. The company has a market cap of $499.61 million. The Firm is engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. It has 2.43 P/E ratio. The Firm operates in 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.

According to Zacks Investment Research, “Ultra Petroleum is an independent, exploration and production company focused on developing its long life natural gas reserves in the Green River Basin of Wyoming, and oil reserves in Bohai Bay, offshore China.” Get a free copy of the Zacks research report on Ultra Petroleum Corp. (UPL).