Story updated at 9:55 a.m. to reflect market activity.
Shares of Ultra Petroleum were falling 4.3% to $22.12 in morning trading.
The firm lowered its price target for the oil and gas company to $17 from $22, and lowered EPS estimates through 2015. Barclays lowered its 2014 EPS estimates for Ultra Petroleum to $2.50 a share from $2.65 a share. The analyst firm lowered its 2015 earnings estimates to $1.95 a share from $2.60 a share.
"We do not believe UPL's asset quality or track record justify the roughly 35% premium to peer multiples," analyst Thomas R. Driscoll wrote. "We are lowering 2015 EPS and CFPS by 25% and 13%, respectively, to reflect a 6% cut in 2015 price assumptions and a 2% cut in estimated production."
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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, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive."