UPL

Ultra Petroleum Corp

Energy


Presented:04/18/2017
Price:$11.12
Cap:$2.18B
Current Price:$0.01
Cap:$0.00B

Presented

Date04/18/2017
Price$11.12
Market Cap$2.18B
Ent Value$4.38B
P/E RatioN/A
Book ValueN/A
Div Yield0%
Shares O/S195.00M
Ave Daily Vol2,080,747
Short Int20.50%

Current

Price$0.01
Market Cap$0.00B
Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, operation, and production of oil and natural gas properties. Its principal business activities are developing its natural gas reserves in the Green River Basin of southwest Wyoming—the Pinedale and Jonah fields; its oil reserves in the Uinta Basin in northeast Utah; and its natural gas reserves in the north-central Pennsylvania area of the Appalachian Basin. As of December 31, 2016, the company owned interests in approximately 105,000 gross acres in Wyoming; and 144,000 gross acres in Pennsylvania. It also owns approximately 8,000 net acres in the Uinta Basin in Utah. The company was founded in 1979 and is headquartered in Houston, Texas. On April 29, 2016, Ultra Petroleum Corp., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Court for the Southern District of Texas.

Publicly traded companies mentioned herein: Cabot Oil and Gas Corp (COG), Range Resources Corp (RRC), Southwestern Energy Company (SWN), Ultra Petroleum Corp (UPL)

Highlights

The presenter is long shares of Ultra Petroleum (UPL), seeing an attractive discount to peers due to the company’s recent emergence from bankruptcy and lack of coverage. He believes the assets are good and that the restructuring is clean, and as such, the “value disconnect” between current share price and the underlying assets presents an attractive buying opportunity. UPL shares could appreciate to the $17 - $20 range by his model.

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Idea Discussion

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