UPDATE: Jefferies Cuts PT to $15 on Ultra Petroleum Following Reserve Update

Jefferies maintained Ultra Petroleum

with a Neutral rating and lowered the price target from $24.00 to $18.00. Jefferies noted, "Reducing PT to $15 from $20 on reserve update. We are not assuming the restoration of written-off PUDs because of downward bias to long-term gas deck and the low level of current E&D spending. On the bright side, balance sheet should not deteriorate in the near term as UPL should be largely selffunding as it waits out a natural gas recovery." Ultra Petroleum closed at $16.00 on Friday.