Ultra Petroleum (UPL) Bonds Trading 7% Lower

An issue of Ultra Petroleum Corp (NASDAQ:UPL) bonds fell 7% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 7.125% coupon and will mature on April 15, 2025. The debt is now trading at $40.00 and was trading at $45.75 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

Several equities analysts have recently commented on UPL shares. Zacks Investment Research upgraded shares of Ultra Petroleum from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 6th. National Alliance Securities lowered shares of Ultra Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. ValuEngine downgraded shares of Ultra Petroleum from a “sell” rating to a “strong sell” rating in a report on Friday, September 7th. Finally, Capital One Financial downgraded shares of Ultra Petroleum from an “equal weight” rating to an “underweight” rating in a report on Friday, August 10th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Ultra Petroleum currently has an average rating of “Sell” and an average target price of $1.63.

UPL stock traded up $0.01 during trading on Wednesday, hitting $1.46. The company had a trading volume of 12,381,400 shares, compared to its average volume of 4,119,026. The company has a market capitalization of $220.70 million, a P/E ratio of 0.71 and a beta of 0.63. Ultra Petroleum Corp has a fifty-two week low of $0.82 and a fifty-two week high of $10.18. The company has a quick ratio of 0.43, a current ratio of 0.50 and a debt-to-equity ratio of -1.95.

Ultra Petroleum (NASDAQ:UPL) last posted its quarterly earnings data on Thursday, August 9th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $190.14 million during the quarter, compared to analyst estimates of $202.80 million. Ultra Petroleum had a negative return on equity of 21.81% and a negative net margin of 23.49%. Equities analysts anticipate that Ultra Petroleum Corp will post 0.74 EPS for the current year.

Hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC lifted its holdings in Ultra Petroleum by 227.4% in the second quarter. Jane Street Group LLC now owns 50,269 shares of the company’s stock worth $116,000 after purchasing an additional 89,712 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Ultra Petroleum in the first quarter worth about $242,000. IPG Investment Advisors LLC acquired a new stake in Ultra Petroleum in the second quarter worth about $254,000. Raffles Associates LP lifted its holdings in Ultra Petroleum by 50.0% in the 2nd quarter. Raffles Associates LP now owns 150,000 shares of the company’s stock valued at $346,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Ultra Petroleum by 89.0% in the 1st quarter. Legal & General Group Plc now owns 92,482 shares of the company’s stock valued at $385,000 after acquiring an additional 43,553 shares during the last quarter. 90.61% of the stock is owned by institutional investors and hedge funds.

About Ultra Petroleum (NASDAQ:UPL)

Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, operation, and production of oil and natural gas properties. Its principal business activities are developing its natural gas reserves in the Green River Basin of southwest Wyoming—the Pinedale and Jonah fields; and its oil reserves in the Uinta Basin in northeast Utah.

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