Ultra Petroleum Corp (NASDAQ:UPL) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 36,571,635 shares, a growth of 7.0% from the August 15th total of 34,189,528 shares. Based on an average daily volume of 2,588,145 shares, the days-to-cover ratio is presently 14.1 days. Currently, 18.9% of the company’s shares are short sold.

Shares of UPL stock opened at $1.18 on Friday. The company has a debt-to-equity ratio of -1.95, a current ratio of 0.50 and a quick ratio of 0.43. The stock has a market capitalization of $242.38 million, a PE ratio of 0.58 and a beta of 0.59. Ultra Petroleum has a one year low of $0.92 and a one year high of $10.18.

Ultra Petroleum (NASDAQ:UPL) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $190.14 million during the quarter, compared to the consensus estimate of $202.80 million. Ultra Petroleum had a negative net margin of 23.49% and a negative return on equity of 21.81%. sell-side analysts expect that Ultra Petroleum will post 0.79 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Disciplined Growth Investors Inc. MN increased its stake in shares of Ultra Petroleum by 7.5% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 14,096,583 shares of the company’s stock valued at $32,355,000 after acquiring an additional 978,478 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Ultra Petroleum by 32.6% in the 1st quarter. Victory Capital Management Inc. now owns 4,337,148 shares of the company’s stock valued at $18,085,000 after acquiring an additional 1,065,441 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ultra Petroleum by 22.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,881,003 shares of the company’s stock valued at $8,965,000 after acquiring an additional 708,536 shares during the last quarter. First Manhattan Co. increased its stake in shares of Ultra Petroleum by 16.3% in the 2nd quarter. First Manhattan Co. now owns 2,194,404 shares of the company’s stock valued at $5,069,000 after acquiring an additional 307,900 shares during the last quarter. Finally, Key Square Capital Management LLC increased its stake in shares of Ultra Petroleum by 44.3% in the 1st quarter. Key Square Capital Management LLC now owns 1,857,186 shares of the company’s stock valued at $7,744,000 after acquiring an additional 570,309 shares during the last quarter. 90.62% of the stock is owned by institutional investors.

Several analysts have weighed in on the company. Capital One Financial cut Ultra Petroleum from an “equal weight” rating to an “underweight” rating in a report on Friday, August 10th. Zacks Investment Research raised Ultra Petroleum from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 6th. Stifel Nicolaus cut Ultra Petroleum from a “buy” rating to a “hold” rating and lowered their price target for the company from $3.00 to $1.00 in a research note on Friday, May 25th. ValuEngine cut Ultra Petroleum from a “sell” rating to a “strong sell” rating in a research note on Friday, September 7th. Finally, National Alliance Securities cut Ultra Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, August 10th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $1.63.

About Ultra Petroleum

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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