The Reason For Today’s -0.54% Weakness in Ultra Petroleum Corp. (UPL) Shares

Ultra Petroleum Corp. (NASDAQ:UPL) is among the top losers of the stock market today, sinking -0.54% or (-0.01 points) to $0.21 from its previous close of $0.22. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 175204 contracts so far this session. UPL shares had a relatively better volume day versus average trading capacity of 2.91 million shares, but with a 0.19 billion float and a -0.41% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for UPL stock indicates that the average analyst price target is $1.55 per share. This means the stock has a potential increase of 638.1% from where the UPL share price has been trading recently which is between $0.2155 and $0.2321. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $0.5.

The shorts are climbing into Ultra Petroleum Corp. (UPL) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a rise in short interest in UPL shares. While short interest still represents only 15.98% of UPL’s float, the number of shares shorted have risen by 1233252. The number of shares shorted advanced to 32247098 shares, up from 31013846 shares during the preceding fortnight. With average daily trading volumes at 3908461 shares, days to cover decreased to about 27.93919 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Natural Gas Rises on Weather, Storm-Induced Disruptions” and dated July 15, 2019.

During the recent trading session for Ultra Petroleum Corp. (NASDAQ:UPL), the company witnessed their stock rise $0.02 over a week and tumble down $-0.12 from the price 20 days ago. When compared to their established 52-week high of $2.04, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 11/14/18. The recent low of $0.16 stood for a -89.44% since 02/07/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Ultra Petroleum Corp., the two-week RSI stands at 41.08. This figure suggests that UPL stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current UPL readings is similarly very revealing as it has a stochastic reading of 34.12% at this stage. This figure means that UPL share price today is being neutral.

Technical chart claims that Ultra Petroleum Corp. (UPL) would settle between $0.23/share to $0.24/share level. However, if the stock price goes below the $0.21 mark, then the market for Ultra Petroleum Corp. becomes much weaker. If that happens, the stock price might even plunge as low as $0.2 for its downside target.

Analysts at Stifel lowered their recommendation on shares of UPL from Buy to Hold in their opinion released on May 25. KLR Group, analysts launched coverage of Ultra Petroleum Corp. (NASDAQ:UPL) stock with a Buy recommendation, according to their flash note issued to investors on August 29. Analysts at Stifel released an upgrade from Hold to Buy for the stock, in a research note that dated back to June 12.

UPL equity has an average rating of 3.5, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 0 analysts rated Ultra Petroleum Corp. (NASDAQ:UPL) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, UPL stock price is currently trading at 0.9X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.05 while for the average stock in the same group, the multiple is 89.2. Ultra Petroleum Corp. current P/E ratio of 0.55 means it is trading at a discount against its industry’s 4.68. In the past 5 years, this ratio for the stock has been fluctuating between 1.76 and 8.39.

Ultra Petroleum Corp. (UPL)’s current-quarter revenues are projected to climb by nearly 1.24% to hit $192500, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -2.74% from $892500 to a noteworthy $868000. At the other end of the current quarter income statement, Ultra Petroleum Corp. is expected to see its adjusted earnings surge by roughly -76.47% to hit $0.04 per share. For the fiscal year, UPL’s earnings are projected to climb by roughly -68.42% to hit $0.24 per share.