Ultra Petroleum (UPL) NewsBite - UPL Downgraded By Credit Suisse

Posted: Tuesday, May 26, 2009 12:52 PM EDT

Ultra Petroleum (UPL) was downgraded today by analysts at Credit Suisse and the stock is now at $44.13, down $1.04 (-2.30%) on volume of 1,562,303 shares traded. The analysts downgraded the stock to Underperform from Neutral. Over the last 52 weeks the stock has ranged from a low of $28.85 to a high of $102.81. Ultra Petroleum stock has been showing support around $44.50 and resistance in the $46.18 range. Technical indicators for the stock are bullish and S&P gives UPL a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on UPL the stock seems like it could be a candidate for a July out-of-the-money bear-call credit spread above the 50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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