Ultra Petroleum (UPL) added to the Conviction List.

I have decided to add an oil name to the conviction list:  Ultra Petroleum Corp (ticker symbol, UPL).   

Ultra Petroleum Corp. engages in the development, production, operation, exploration, and acquisition of oil and natural gas properties primarily in the Green River Basin, southwest Wyoming and Bohai Bay, offshore China. It primarily focuses on the development and expansion of a tight gas sand project located in the Green River Basin in southwest Wyoming. As of December 31, 2006, the company owned interests in approximately 79,566 net acres in Wyoming; and 124,591 net acres in Pennsylvania. Ultra Petroleum Corp. was founded in 1979 and is based in Houston, Texas. 

UPL announced earnings on Feb. 20th and they were steller! UPL reported Q4 EPS of 70c vs. consensus of 32c per share. They also reported Q4 revenues $162M vs. consensus estimates of $156M. Jefferies & Co. believes the company will likely raise 2008 production guidance.  Subsequently, the firm raised their target price from $80 to $88 and maintained a "Buy" rating on the stock.

Powerpoint slide put together by UPL execs discussing highlights can be found HERE.  More on UPL later...