Market Overview

UPDATE: UBS Upgrades Ultra Petroleum

Related UPL
Markets Drop; Bank Of America Posts Upbeat Earnings
Ultra Petroleum Closes Shell's Pinedale Asset Acquisition

In a note dated August 14, UBS analyst William Featherston upgraded shares of Ultra Petroleum (NYSE: UPL) from Neutral to Buy and raised the price target from $26 to $29.

As reasons for the upgrade, Featherston noted 1) the "materially accretive" asset swap with Shell, 2) 2014-18 cash flow per debt adjusted share growth is expected to outpace peers, 3) the bear case was removed given "more conservative" oil production guidance, improved capital efficiency, and accretive estimate revisions, and 4) the stock currently trades at a discount to peers based on EV/EBITDX and price/NAV.

Latest Ratings for UPL

DateFirmActionFromTo
Oct 2014BarclaysMaintainsEqual-weight
Aug 2014CitigroupMaintainsNeutral
Aug 2014UBSUpgradesNeutralBuy

View More Analyst Ratings for UPL
View the Latest Analyst Ratings

Posted-In: UBS William FeatherstonAnalyst Color News Upgrades Price Target Analyst Ratings

 

Related Articles (UPL)

Around the Web, We're Loving...

Get Benzinga's Newsletters