Ultra Petroleum Corp.

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  • Feb. 19, 2015, 9:15 AM
    • Ultra Petroleum (NYSE:UPL) +3% premarket after reporting 5.4T cfe of total proved reserves at year-end 2014, a 49% increase over 2013 oil and natural gas reserves of 3.6T cfe.
    • Pre-tax estimated future net cash flows discounted at 10% of the company's proved reserves totaled $7.1B, a 72% Y/Y increase from $4.1B.
    • UPL's Q4 earnings report included guidance of a ~30% reduction in planned capital spending for 2015 to $460M with a ~12% production increase to 275B-285B cfe.
    | Feb. 19, 2015, 9:15 AM | 1 Comment
  • Feb. 19, 2015, 7:34 AM
    • Ultra Petroleum (NYSE:UPL): Q4 EPS of $0.62 beats by $0.11.
    • Revenue of $319.1M (+25.0% Y/Y) beats by $1.87M.
    | Feb. 19, 2015, 7:34 AM | 2 Comments
  • Feb. 18, 2015, 5:30 PM
    | Feb. 18, 2015, 5:30 PM | 7 Comments
  • Jan. 28, 2015, 11:21 AM
    • Ultra Petroleum (UPL -7.6%) is downgraded to Sell from Neutral with an $11 target price, down from $13, at Goldman Sachs, citing the deflationary pressures in the oil market which the firm believes will be felt in natural gas.
    • Goldman sees some greater downside risk to UPL’s production given its weaker balance sheet relative to E&P peers and higher cost gas assets relative to Marcellus and Utica peers; the firm also views UPL's focused Pinedale and Uinta as merely average assets.
    | Jan. 28, 2015, 11:21 AM | 13 Comments
  • Jan. 27, 2015, 12:58 PM
    • Marathon Oil (MRO -1.3%), Cobalt International Energy (CIE -0.3%) and RSP Permian (RSPP +0.8%) are downgraded to Neutral from Buy at UBS, as the firm cuts its 2015 Brent/WTI crude forecasts to a respective $52.50/bbl and $49/bbl, and lowers 2016 Brent/WTI crude estimates to $67.50 and $62.50.
    • UBS also is cautious on several energy names with large free cash flow deficits, slowing growth profiles and rich relative valuations: COP, DVN, MUR, UPL, RRC, DNR, MHR.
    • The firm's top Buys are APC, CHK and EOG.
    | Jan. 27, 2015, 12:58 PM | 5 Comments
  • Jan. 16, 2015, 12:45 PM
    | Jan. 16, 2015, 12:45 PM
  • Dec. 22, 2014, 10:45 AM
    • Natural gas prices fall 9.5% to near two-year lows at $3.133/mmBtu, in the biggest one-day percentage loss since February and the lowest intraday price since January 2013, on mild weather forecasts and inventory that is above year-ago levels.
    • Prices are now down more than 15% in three straight losing sessions and are 30% lower than the six-month high closing price of $4.489/mmBtu it hit just a month ago.
    • Weather has been unseasonably warm for December, limiting demand for home heating and allowing relatively low stockpiles to catch up to where they were a year ago and encouraging traders to sell based on the belief that supply is relatively healthy.
    • Gas producers are among the biggest early decliners: XOM -1.1%, CHK -7.3%, APC -2.6%, SWN -6%, DVN -2.2%, COP -2.3%, BP -1.5%, COG -4%, BHP -1.9%, CVX -1.3%, ECA -5.1%, EQT -4.3%, RDS.A -1.7%, UPL -12%, WPX -6.9%, EOG -1%, OXY -1.1%, RRC -6.1%, APA -2.3%, AR -3.2%, CNX -3%, QEP -4.8%, LINE -4.9%, NBL -1.6%, SM -2.6%, XEC -4.2%, PXD -2.9%, NFX -5.1%.
    | Dec. 22, 2014, 10:45 AM | 47 Comments
  • Dec. 20, 2014, 1:34 PM
    • These five oil and gas producers have among the highest net debt-to-capital ratios in the industry, writes Avi Salzman, which could be an issue if oil prices stay at these levels:
    • Ultra Petroleum (NYSE:UPL) at 115%, EXCO Resources (NYSE:XCO) at 90.3%, Halcon Resources (NYSE:HK) at 68.7%, W&T Offshore (NYSE:WTI) at 68.1%, Energy XXI (NASDAQ:EXXI) at 65.2%.
    • Previously: Barron's: Five oils to buy now (Dec. 20, 2014)
    | Dec. 20, 2014, 1:34 PM | 27 Comments
  • Dec. 2, 2014, 5:44 PM
    • Oil producers with the most debt are the most at risk in a ~$70/bbl oil price environment, since they have more relative cash flow directed toward interest payments rather than drilling, so they’re most likely to see production declines.
    • For investors looking to limit risk, MarketWatch's Philip Van Doorn provides a list of U.S. shale oil producers with market values of at least $50M and share prices above $1 with the highest ratios of debt to equity, in order: UPL, MPO, MRD, ISRL, JONE, XCO, PQ, GDP, LINE, HK.
    | Dec. 2, 2014, 5:44 PM | 32 Comments
  • Oct. 30, 2014, 7:48 AM
    • Ultra Petroleum (NYSE:UPL): Q3 EPS of $0.53 in-line.
    • Revenue of $288.61M (+30.5% Y/Y) beats by $5.97M.
    | Oct. 30, 2014, 7:48 AM
  • Aug. 15, 2014, 10:12 AM
    • Ultra Petroleum (UPL +3.7%) is upgraded to Buy from Neutral with a $29 price target, up from $26, at UBS, based on valuation as the stock trades at a discount to peers based on EV/EBITDA and price/NAV.
    • UBS also cites the "materially accretive" asset swap with Shell, 2014-18 cash flow per debt adjusted share growth is expected to outpace peers, and the bear case from UPL was removed given more conservative oil production guidance, improved capital efficiency and accretive estimate revisions.
    | Aug. 15, 2014, 10:12 AM
  • Aug. 14, 2014, 8:44 AM
    • Ultra Petroleum (NYSE:UPL) agrees to acquire all Pinedale field properties from Royal Dutch Shell (RDS.A, RDS.B) affiliate SWEPI in exchange for a portion of UPL's Marcellus Shale properties and $925M in cash.
    • Shell's interest in the Pinedale field in Wyoming produces ~189M cfe/day of natural gas and condensate; as a result of the deal, UPL will operate 1,577 gross wells, or ~68% of the Pinedale field.
    • In exchange, Shell will receive $925M and ~155K net acres in the Marcellus Shale, which produces ~100M cfe/day of natural gas.
    | Aug. 14, 2014, 8:44 AM | 1 Comment
  • Jul. 31, 2014, 8:14 AM
    • Ultra Petroleum (NYSE:UPL): Q2 EPS of $0.52 misses by $0.01.
    • Revenue of $296.06M (+13.3% Y/Y) beats by $20.46M.
    | Jul. 31, 2014, 8:14 AM
  • Jul. 15, 2014, 3:58 PM
    • Long-term natural gas prices will increase in value, and oil and gas producers are operating in a trough gas price environment, Prime Executions says as it recommends investors start building positions in natural gas weighted E&Ps during H2 2014 and sees the relative value proposition shifting in favor of natural gas over 2015 and beyond (Briefing.com).
    • Buy-rated stocks are the highest-percentage dry gas production and reserve weighted companies with the lowest balance sheet leverage and leanest cost structure, the firm says.
    • EQT (EQT -0.2%), Rice Energy (RICE -2.3%) and WPX (WPX -2.3%) are initiated with Buy ratings, while Ultra Petroleum (UPL -0.2%) is started at Hold and Bill Barrett (BBG -5.3%) is tagged with a Sell rating.
    | Jul. 15, 2014, 3:58 PM
  • Jul. 2, 2014, 6:23 PM
    • E&P stocks still have room to run and investors should remain selectively exposed to the industry, Sterne Agee's Tim Rezvan says, pointing to five favorites for the near and medium term: Diamondback Energy (FANG), Energen (EGN), Whiting Petroleum (WLL), Ultra Petroleum (UPL) and QEP Resources (QEP).
    • The sharp rally in the WTI futures curve, with crude prices expected to keep rising through 2015, gives confidence in a strong growth outlook for select oil-focused companies, Rezvan writes.
    • WLL shares remain among the cheapest in the group, EGN has important near-term catalysts in the San Juan Basin, and FANG continues to trade cheap following the recent IPO of its mineral rights interest, he says.
    | Jul. 2, 2014, 6:23 PM | 5 Comments
  • May 1, 2014, 7:37 AM
    • Ultra Petroleum (UPL): Q1 EPS of $0.87 beats by $0.18.
    • Revenue of $326.3M (+44.6% Y/Y) beats by $30.56M.
    | May 1, 2014, 7:37 AM | 3 Comments
Company Description
Ultra Petroleum Corp is an oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and natural gas properties.