- Shares of Ultra Petroleum (UPL -10.5%) are buckling under the combined weight of crashing crude oil prices and an analyst downgrade, tumbling to a new 52-week low.
- Stifel downgraded shares to Hold from Buy with a $1 price target, slashed from $3, with analyst Michael Scialla citing deteriorating long-term natural gas fundamentals.
- Scialla says supply growth for nat gas appears set to outpace incremental demand from liquefied natural gas exports, Mexican exports and industrial sources.