Ultra Petroleum Corp (NYSE:UPL) Trading Down 13.4% Following Weak Earnings

Shares of Ultra Petroleum Corp (NYSE:UPL) were down 13.4% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $7.44 and last traded at $7.76, with a volume of 5,195,291 shares. The stock had previously closed at $8.96.

The oil and gas exploration company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.38 by $0.10. The firm had revenue of $212.66 million during the quarter, compared to the consensus estimate of $226.80 million.

Several analysts have recently weighed in on UPL shares. Zacks Investment Research downgraded Ultra Petroleum Corp from a “buy” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus upgraded Ultra Petroleum Corp from a “hold” rating to a “buy” rating in a research note on Monday, June 12th.

Institutional investors have recently bought and sold shares of the company. Parkwood LLC purchased a new position in Ultra Petroleum Corp during the second quarter worth approximately $461,000. Woodstock Corp purchased a new position in Ultra Petroleum Corp during the second quarter worth approximately $112,000. Monarch Partners Asset Management LLC purchased a new position in Ultra Petroleum Corp during the second quarter worth approximately $10,238,000. Strs Ohio purchased a new position in Ultra Petroleum Corp during the second quarter worth approximately $1,202,000. Finally, First Manhattan Co. purchased a new position in Ultra Petroleum Corp during the second quarter worth approximately $23,328,000.

The stock has a market capitalization of $1.46 billion and a price-to-earnings ratio of 1.80. The company has a 50-day moving average price of $9.53 and a 200-day moving average price of $10.58.

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About Ultra Petroleum Corp

Ultra Petroleum Corp. (Ultra) is an oil and gas company. The Company is engaged in the development, production, operation, exploration and acquisition 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, its oil reserves in the Uinta Basin in northeast Utah and its natural gas reserves in the north-central Pennsylvania area of the Appalachian Basin.

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