Ultra Petroleum Corp (NYSE:UPL) and Halcon Resources Corp (NYSE:HK) continue to fall

Posted by Ryan Mandell May 7, 2013 0 Comment 2076 views


Miami, FL 05/07/2013 (GDPInsider) – Ultra Petroleum Corp (NYSE:UPL): In Monday’s trading session, there was a drop of 4.18% in Ultra Petroleum Corp (NYSE:UPL). The opening price of the shares was $21.08 which touched an intraday of $21.08 before dipping to $19.82 per share. Over 7.21M shares were traded in Monday’s trading session which was very close to double of the average volume of 4.05M that was measured over a period of 30 days.

Ultra Petroleum Corp (NYSE:UPL)’s 2013 first-quarter results were better than expected. This was primarily due to boost in prices of natural gas which was marginally offset by decreased production levels. Earnings per Share (EPS) with the exclusion of special items amounted to 83 cents which glided past the analyst estimates of 28 cents. However, in comparison to a year earlier the company’s per share adjusted earnings dropped by 22.4% from the 49 cents that it stood at. This was impacted by the low oil-price realization.

Ultra Petroleum’s total operating revenue which stood at $225.6 million was well above the average analyst projection of $2.9.0 million and had almost plateaued year over year.

How Should Investors Trade UPL Now? Get key and important information right here.

Halcon Resources Corp (NYSE:HK): In Monday’s trading session, there was a considerable dip of 4.44% in Halcon Resources Corp (NYSE:HK). The opening price of the shares was $6.23 which touched an intraday price of $6.28 before dropping to $5.88 per share. Over 7.05M shares were traded in Monday’s trading session which was above the average volume of 6.30M that was measured over a period of 30 days.

Halcon Resources Corp (NYSE:HK)’s 2013 first-quarterly report indicates that the company wide average daily production increased by 542% year-over year. Its production of Bakken alone has increased by 40% since last year. The company had successfully drilled dozens of wells over the past 12 months and is currently drilling dozens more.

It was a good sign that there was a 211% increase in the reported cash flow, year-over-year and an increase in the 2013 Q1 revenues, to $190 million. This is in comparison with the $26.9 million that existed in the 2012 Q1. Both of these are positive signs that HK is headed in the right direction. Halcon Resources Corp (NYSE:HK) was previously known as Ram Energy Resources and is a mid-cap independent oil exploring, development as well as production company with its headquarters in Houston, Texas.

How Should Investors Trade HK Now? Get the latest trends and data here.

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About Ryan Mandell

Ryan Mandell is our senior staff writer covering the White House for Political Report, Ryan also coordinates with the main newsroom news items and contributing write-ups on cultural, social and political activities. Ryan holds an undergraduate degree in journalism, a Doctorate in international relations and a Master Degree in mass communications with an emphasis in print journalism. Ryan also covered the International Society of Social Defense congress in Spain in 2007 and taken part in the Global Forum on economic policies

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