UPDATE: Sterne Agee Upgrades Ultra Petroleum to Neutral on Improved Outlook
Sterne Agee raised its rating on Ultra Petroleum (NYSE: UPL) from Underperform to Neutral while removing its $20 price target.
Sterne Agee noted, "Over the last three months, shares have lagged our coverage group despite improving natural gas prices. After meeting with the company recently, we have greater confidence in Ultra's ability to weather the challenging operating environment without having to issue equity. Given modestly improving natural gas prices and multiples that have retrenched lower, we believe the risk/reward is fairly balanced at this level."
Ultra Petroleum Corp closed at $19.75 on Friday.
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