Ultra Petroleum Corp. (NYSE:UPL) had its price target reduced by Nomura from $9.00 to $2.00 in a note issued to investors on Thursday, Market Beat reports. The firm currently has a “neutral” rating on the oil and gas exploration company’s stock. Nomura’s price target points to a potential downside of 18.37% from the stock’s previous close.

Shares of Ultra Petroleum Corp. (NYSE:UPL) traded down 24.90% on Thursday, reaching $1.84. The company had a trading volume of 4,069,600 shares. The company has a 50 day moving average of $2.33 and a 200-day moving average of $5.74. The company has a market capitalization of $281.99 million and a P/E ratio of 1.36. Ultra Petroleum Corp. has a 52 week low of $1.27 and a 52 week high of $18.04.

Ultra Petroleum Corp. (NYSE:UPL) last posted its earnings results on Thursday, October 29th. The oil and gas exploration company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.04. The business had revenue of $225.50 million for the quarter, compared to analyst estimates of $249.32 million. During the same period last year, the business earned $0.53 EPS. Ultra Petroleum Corp.’s revenue was down 22.9% compared to the same quarter last year. Analysts predict that Ultra Petroleum Corp. will post $0.45 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Ultra Petroleum Corp. stock. Simplex Trading increased its position in shares of Ultra Petroleum Corp. (NYSE:UPL) by 23.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The hedge fund owned 88 shares of the oil and gas exploration company’s stock after buying an additional 17 shares during the period.

Several other research firms have also recently issued reports on UPL. KLR Group cut their target price on Ultra Petroleum Corp. from $16.00 to $14.00 in a research note on Thursday, October 15th. Zacks Investment Research upgraded Ultra Petroleum Corp. from a “hold” rating to a “buy” rating and set a $6.25 price target for the company in a research report on Tuesday, November 3rd. RBC Capital lowered their price target on Ultra Petroleum Corp. from $10.00 to $9.00 in a research report on Friday, October 30th. JPMorgan Chase & Co. initiated coverage on Ultra Petroleum Corp. in a research report on Wednesday, December 9th. They set an “underweight” rating for the company. Finally, Barclays lowered their price target on Ultra Petroleum Corp. from $5.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, December 8th. Seven equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $9.48.

Ultra Petroleum Corp. (NYSE:UPL) is an independent oil and gas company. The Company is engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. The Company operates in 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. The Company holds interest in the producing and non-producing properties in the Pinedale field in Sublette County, Wyoming (the SWEPI Properties). The SWEPI Properties consists of approximately 19,600 net mineral acres in Wyoming and associated oil and gas production.

12 Month Chart for NYSE:UPL

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