Ultra Petroleum (UPL) Bond Prices Rise 2%

An issue of Ultra Petroleum Corp. (NASDAQ:UPL) debt rose 2% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 7.125% coupon and will mature on April 15, 2025. The bonds in the issue are now trading at $65.25 and were trading at $64.00 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

UPL has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Ultra Petroleum from a “sell” rating to a “hold” rating in a research report on Wednesday, March 21st. Stifel Nicolaus cut their price objective on shares of Ultra Petroleum from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, March 26th. ValuEngine cut shares of Ultra Petroleum from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Finally, Capital One cut shares of Ultra Petroleum from an “equal weight” rating to an “underweight” rating in a research report on Thursday, May 10th.

Ultra Petroleum traded up $0.36, hitting $2.40, during midday trading on Thursday, Marketbeat.com reports. 10,273,000 shares of the stock were exchanged, compared to its average volume of 4,147,748. Ultra Petroleum Corp. has a fifty-two week low of $2.00 and a fifty-two week high of $2.14. The stock has a market cap of $403.96 million and a P/E ratio of 1.18. The company has a current ratio of 0.57, a quick ratio of 0.50 and a debt-to-equity ratio of -1.93.

Ultra Petroleum (NASDAQ:UPL) last released its quarterly earnings data on Thursday, May 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.01. Ultra Petroleum had a net margin of 35.07% and a negative return on equity of 24.19%. The firm had revenue of $225.37 million during the quarter, compared to analysts’ expectations of $215.70 million. analysts forecast that Ultra Petroleum Corp. will post 1.1 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. MUFG Securities EMEA plc acquired a new stake in shares of Ultra Petroleum during the first quarter valued at about $4,587,000. Legal & General Group Plc increased its position in shares of Ultra Petroleum by 89.0% during the first quarter. Legal & General Group Plc now owns 92,482 shares of the company’s stock valued at $385,000 after acquiring an additional 43,553 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ultra Petroleum by 26.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,172,467 shares of the company’s stock valued at $13,229,000 after acquiring an additional 669,992 shares during the last quarter. Barclays PLC increased its position in shares of Ultra Petroleum by 114.1% during the first quarter. Barclays PLC now owns 132,429 shares of the company’s stock valued at $552,000 after acquiring an additional 70,588 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its position in shares of Ultra Petroleum by 1,120.6% during the first quarter. Disciplined Growth Investors Inc. MN now owns 13,118,105 shares of the company’s stock valued at $54,321,000 after acquiring an additional 12,043,389 shares during the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

About Ultra Petroleum

Ultra Petroleum Corp. engages in the development, production, operation, exploration, and acquisition of oil and natural gas properties. It focuses on developing a tight gas sand trend located in the Green River Basin of southwest Wyoming; and assessing, exploring, and developing its position in the Marcellus Shale and other horizons located in the north-central Pennsylvania area of the Appalachian Basin of Pennsylvania.

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