Ultra Petroleum Corp (NASDAQ:UPL) was the target of a significant decline in short interest during the month of September. As of September 28th, there was short interest totalling 27,499,724 shares, a decline of 25.4% from the September 14th total of 36,887,096 shares. Currently, 14.2% of the shares of the company are sold short. Based on an average daily trading volume, of 6,177,714 shares, the days-to-cover ratio is currently 4.5 days.
UPL has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Ultra Petroleum from a “hold” rating to a “strong-buy” rating and set a $2.25 price objective for the company in a research note on Thursday, June 21st. National Alliance Securities cut shares of Ultra Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, August 10th. Capital One Financial cut shares of Ultra Petroleum from an “equal weight” rating to an “underweight” rating in a research note on Friday, August 10th. Finally, ValuEngine cut shares of Ultra Petroleum from a “sell” rating to a “strong sell” rating in a research note on Friday, September 7th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Ultra Petroleum presently has an average rating of “Sell” and a consensus target price of $1.63.
Several institutional investors have recently modified their holdings of UPL. Disciplined Growth Investors Inc. MN lifted its stake in shares of Ultra Petroleum by 1,120.6% in the first quarter. Disciplined Growth Investors Inc. MN now owns 13,118,105 shares of the company’s stock worth $54,321,000 after buying an additional 12,043,389 shares during the last quarter. SG Americas Securities LLC increased its position in Ultra Petroleum by 2,751.5% during the second quarter. SG Americas Securities LLC now owns 1,267,394 shares of the company’s stock worth $2,928,000 after acquiring an additional 1,222,948 shares during the period. Dimensional Fund Advisors LP increased its position in Ultra Petroleum by 22.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,881,003 shares of the company’s stock worth $8,965,000 after acquiring an additional 708,536 shares during the period. Wolverine Asset Management LLC increased its position in Ultra Petroleum by 75.5% during the second quarter. Wolverine Asset Management LLC now owns 1,540,069 shares of the company’s stock worth $3,557,000 after acquiring an additional 662,727 shares during the period. Finally, BlueMountain Capital Management LLC bought a new position in Ultra Petroleum during the second quarter worth $1,054,000. Institutional investors and hedge funds own 90.61% of the company’s stock.
Shares of Ultra Petroleum stock opened at $1.31 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.50 and a debt-to-equity ratio of -1.95. Ultra Petroleum has a 1-year low of $0.82 and a 1-year high of $10.18. The firm has a market capitalization of $220.70 million, a PE ratio of 0.65 and a beta of 0.63.
Ultra Petroleum (NASDAQ:UPL) last issued its quarterly earnings data on Thursday, August 9th. The company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). Ultra Petroleum had a negative return on equity of 21.81% and a negative net margin of 23.49%. The firm had revenue of $190.14 million during the quarter, compared to analyst estimates of $202.80 million. As a group, analysts anticipate that Ultra Petroleum will post 0.74 EPS for the current year.
About Ultra Petroleum
Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, operation, and production of oil and natural gas properties. Its principal business activities are developing its natural gas reserves in the Green River Basin of southwest Wyomingthe Pinedale and Jonah fields; and its oil reserves in the Uinta Basin in northeast Utah.
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