NEW YORK, February 18 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities keep their Hold rating on the shares of Ultra Petroleum Corporation (NYSE: UPL). The 12-month target price has been lowered from $37 to $32.
In a research note published on February 17, the analysts state that Ultra Petroleum Corp delivered fourth quarter results in-line with expectations following two operational disruptions in Pinedale. Although, the main focus is the 2012 outlook as the company works to adjust its program according to a sub-$3 per mmbtu gas tape. A $0.9 billion capex program to help 250-260 Bcfe guided production with 2-6% growth, against earlier assumption of 285-295 Bcfe that possibly exposes lower flexibility than the street had hoped concerning 2012, the analysts add. The target price is reduced by 45 per share, due to less activity reducing the 2012e DACF.
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