Ultra Petroleum Corp (NYSE:UPL)’s share price gapped up prior to trading on Monday . The stock had previously closed at $8.53, but opened at $8.84. Ultra Petroleum Corp shares last traded at $8.97, with a volume of 2,489,761 shares trading hands.

Several equities analysts recently issued reports on UPL shares. KLR Group started coverage on shares of Ultra Petroleum Corp in a research note on Tuesday, August 29th. They issued a “buy” rating and a $14.00 target price for the company. Zacks Investment Research cut shares of Ultra Petroleum Corp from a “buy” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus upgraded shares of Ultra Petroleum Corp from a “hold” rating to a “buy” rating in a research note on Monday, June 12th.

The company has a market capitalization of $1.62 billion and a P/E ratio of 2.00. The company has a 50 day moving average of $8.41 and a 200 day moving average of $10.14.

Ultra Petroleum Corp (NYSE:UPL) last issued its quarterly earnings results on Wednesday, August 9th. The oil and gas exploration company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.10). The company had revenue of $212.66 million during the quarter, compared to analysts’ expectations of $226.80 million. On average, equities research analysts expect that Ultra Petroleum Corp will post $2.15 earnings per share for the current year.

In related news, major shareholder Fir Tree Inc. purchased 1,549,899 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The stock was purchased at an average cost of $7.85 per share, with a total value of $12,166,707.15. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have purchased 6,018,620 shares of company stock valued at $48,152,106.

Institutional investors have recently added to or reduced their stakes in the business. Parkwood LLC acquired a new stake in Ultra Petroleum Corp in the second quarter valued at $461,000. Woodstock Corp acquired a new stake in Ultra Petroleum Corp in the second quarter valued at $112,000. Monarch Partners Asset Management LLC acquired a new stake in Ultra Petroleum Corp in the second quarter valued at $10,238,000. Rhumbline Advisers acquired a new stake in Ultra Petroleum Corp in the second quarter valued at $2,570,000. Finally, Russell Investments Group Ltd. acquired a new stake in Ultra Petroleum Corp in the second quarter valued at $4,783,000.

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Ultra Petroleum Corp Company Profile

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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