Ultra Petroleum Posts Mixed Q3, But Lifts 2012 Production Guidance; Shares Jump 4%

By MidnightTrader.com Staff,

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Ultra Petroleum Corp. ( UPL ) is up more than 4% but off a day high $24.26 after reporting adjusted net income for Q3 of $0.64, handily beating estimates of around $0.50. Revenues of $196.4 million were a wide miss off estimates of near $270 million.

Natural gas and crude oil production for 2012 is expected to increase to a new record of 250-260 Bcfe, compared to record production of 245.3 Bcfe for 2011. Production from the Rockies region will comprise approximately 72% of the company's production forecast and Appalachian region production will comprise the remaining 28% of UPL's estimated total production.

UPL is trading in a 52-week range of $17.62 - $36.72. Shares have gained 22% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: UPL

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