UPDATE: UBS Upgrades Ultra Petroleum
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
|May 2015||Raymond James||Upgrades||Underperform||Market Perform|
|Apr 2015||Nomura||Initiates Coverage on||Neutral|
|Mar 2015||Imperial Capital||Initiates Coverage on||Outperform|
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