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UPDATE: Sterne Agee Upgrades Ultra Petroleum to Neutral on Improved Outlook

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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.

Latest Ratings for UPL

DateFirmActionFromTo
Dec 2014BarclaysMaintainsUnderweight
Nov 2014Tudor PickeringDowngradesHoldTrim
Nov 2014BarclaysDowngradesEqual-weightUnderperform

View More Analyst Ratings for UPL
View the Latest Analyst Ratings

Posted-In: Sterne AgeeAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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