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UPDATE: Canaccord Initiates Ultra Petroleum with Hold on Drilling Plan Uncertainty

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In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on Ultra Petroleum Corp. (NYSE: UPL) with a Hold rating and $22.00 price target.

In the report, Canaccord Genuity noted, “UPL is a very low-cost producer of natural gas with potential upside in a rising price environment. However, its financial leverage makes it rather risky. The high debt load has led UPL to curtail much of its drilling to preserve its assets until prices recover. With high decline rates in both areas of operation, production and cash flow will fall. Therefore, UPL is in a bit of a ‘vicious circle' until gas prices rise enough to allow it to drill more and resume production growth.”

Ultra Petroleum Corp. closed on Monday at $20.92.

Latest Ratings for UPL

DateFirmActionFromTo
Feb 2015JefferiesMaintainsHold
Feb 2015KLR GroupDowngradesBuyAccumulate
Feb 2015JP MorganMaintainsNeutral

View More Analyst Ratings for UPL
View the Latest Analyst Ratings

Posted-In: Canaccord Genuity Robert ChristensenAnalyst Color Initiation Analyst Ratings

 

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