Ultra Petroleum (UPL -3.2%) is reduced to Underperform with a $20 target at Sterne Agee, which...

|About: Ultra Petroleum Corp. (UPLMQ)|By:, SA News Editor

Ultra Petroleum (UPL -3.2%) is reduced to Underperform with a $20 target at Sterne Agee, which calls shares overvalued and cites a muted outlook for natural gas in 2013. UPL is waiting for prices of $5/million BTUs to accelerate production, a scenario Sterne doesn’t foresee any time soon; the firm also says UPL may issue equity to fund a near-term liquids growth opportunity.