The upgraded outlook comes despite the independent gas and oil company's mixed second quarter earnings results.
The company reported earnings of 52 cents per diluted share that was 1 cent lower than analysts were expecting on revenue of $296.1 million, well above analyst estimates of $273.95 million.
Ultra Petroleum shares are flat in early-market trading today.
TheStreet Ratings team rates ULTRA PETROLEUM CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ULTRA PETROLEUM CORP (UPL) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good."
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