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NEW YORK ( TheStreet) -- Ultra Petroleum Corporation (NYSE: UPL) hit a new 52-week low Wednesday as it is currently trading at $18.31, below its previous 52-week low of $18.41 with 500,675 shares traded as of 10:10 a.m. ET. Average volume has been 3.8 million shares over the past 30 days. Ultra has a market cap of $3.07 billion and is part of the basic materials sector and energy industry. Shares are down 37.1% year to date as of the close of trading on Tuesday. Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, production, and operation of oil and natural gas properties in the United States. The company has a P/E ratio of 6.3, below the average energy industry P/E ratio of 6.9 and below the S&P 500 P/E ratio of 17.7.