Zacks Investment Research upgraded shares of Ultra Petroleum Corp. (UPL) from NEUTRAL to OUTPERFORM on June 16, 2014, with a target price of $31.00.
Ultra Petroleum's focus on profitable growth, disciplined capital allocation and future rebalancing initiatives make it a great stock to own. The predominantly natural gas producer boasts of a low cost structure that allows it to earn handsome margins. Moreover, taking a cautious view of unpredictable gas prices, Ultra has focused its capital program on the promising liquids-rich plays, which is a major shift away from dry natural gas development. In particular, the recent purchase of high-return oil-rich acreage in Utah's Uinta basin is expected to drive Ultra Petroleum's crude volumes. Considering these factors, plus the improving operating efficiencies, we upgrade our recommendation on the company's shares to Outperform from Neutral.
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