UPDATE: BMC Initiates Ultra Petroleum at Hold

BMC is out with its report today on Ultra Petroleum (NYSE: UPL), initiating UPL at Hold.In its report, BMC writes, "We are initiating coverage of Ultra Petroleum with a Hold Rating. Our estimated fair value is $41.40, which equals 60% of our per-share net asset value, which assumes a $5.00 per thousand cubic feet of natural gas benchmark price and a $90/Bbl benchmark oil price. Although the stock appears undervalued on a NAV basis, the lack of near-term positive catalysts does not provide an attractive growth story, compared to several other Marcellus names in our coverage group."Shares of UPL closed Friday at $27.72.