NEW YORK (TheStreet) -- Shares of Ultra Petroleum  soared on Friday, closing higher by 10.26% to $5.48 on heavy trading volume, following the independent oil and gas company's 2015 third quarter earnings results.

The Houston-based company released its latest quarterly results before the market opened yesterday and posted adjusted earnings of 21 cents per diluted share on revenue of $222.5 million for the most recent quarter.

Analysts surveyed by Thomson Reuters had been expecting earnings of 17 cents per share on revenue of $248.8 million for the three month period ending on September 30.

Ultra Petroleum is increasing full-year 2015 production guidance to 288 - 292 Bcfe from the previous range of 283 - 290 Bcfe while reaffirming its $500 million capital investment program.

By the end of trading on Friday 6.38 million shares of Ultra Petroleum had exchanged hands as compared to its 30 day average of 2.89 million shares.

Separately, TheStreet Ratings team rates ULTRA PETROLEUM CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

We rate ULTRA PETROLEUM CORP (UPL) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: UPL

Image placeholder title

UPL

data by

YCharts