On Friday,s Shares of Ultra Petroleum Corp. (NYSE:UPL), gained 0.50% to $2.03.
Park Lane Advisor has initiated coverage on the following equities: Ultra Petroleum Corporation (UPL), Bonanza Creek Energy Inc. (BCEI), Eclipse Resources Corporation (ECR), and Midcoast Energy Partners L.P. (MEP). Free research report on Ultra Petroleum can be accessed at https://www.ParkLaneAdvisor.com/UPL.pdf. On Monday, December 14, 2015, the NASDAQ Composite ended at 4,952.23, up 0.38%, the Dow Jones Industrial Average advanced 0.60%, to finish the day at 17,368.50, and the S&P 500 closed at 2,021.94, up 0.48%. The gains were broad based as seven out of nine sectors ended the session in positive. Register for your complimentary reports at the links given below.
Ultra Petroleum Corp.’s stock plummeted 21.17%, to finish Monday’s session at $2.16. A total of 12.47 million shares were traded, which was much above its three months average volume of 3.19 million shares. Over the last one month and the previous three months, Ultra Petroleum Corp.’s shares have declined 51.24% and 68.33%, respectively. Additionally, the stock has plummeted 83.59% since the starting of 2015. The company’s shares are trading below their 50-day and 200-day moving averages by 58.66% and 79.13%, respectively. Ultra Petroleum Corp.’s stock traded at a PE ratio of 1.61 and has a Relative Strength Index (RSI) of 19.11.
Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, production, and operation of oil and natural gas properties in the United States. It primarily focuses on developing natural gas reserves in the Green River Basin of Wyoming; oil reserves in the Uinta Basin of Utah; and natural gas reserves in the Appalachian Basin of Pennsylvania.
Shares of Plains GP Holdings LP (NYSE:PAGP), remained flat at $7.73, during its last trading session.
Plains All American Pipeline, L.P. (NYSE: PAA ) and Plains GP Holdings (NYSE: PAGP ) recently stated third-quarter 2015 results.
PAA stated third quarter results with adjusted EBITDA of $497 million, which was $17 million above the mid-point of our quarterly guidance range, said Greg Armstrong, Chairman and CEO of Plains All American. PAA will pay a quarterly distribution of $0.70 per limited partner unit next week, which is the equivalent of $2.80 per unit on an annualized basis, while PAGP will pay a quarterly distribution of $0.231 per Class A share, or $0.924 per share on an annualized basis. These distributions represent a 6.1% and 21.1% improvement over comparative distributions paid in the same quarter of 2014, respectively.
We remain constructive on the intermediate to long-term outlook for crude oil prices, activity levels, and PAAs growth prospects. In the near term we remain cautious due to the impacts of excess capacity and related competitive pressures, and our fourth quarter guidance reflects our most current view of the near term environment, said Armstrong. PAA has a solid financial position with over $3 billion of liquidity and numerous capital projects planned to come on line or ramp up activity levels over the next 18 months that will contribute meaningfully to our cash flow. Accordingly, we believe PAA is well positioned to manage through the near term challenges and prosper over the intermediate to long term.
Plains GP Holdings, L.P., through its interest in Plains AAP, L.P., owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids, natural gas, and refined products in the United States and Canada. The company operates through three segments: Transportation, Facilities, and Supply and Logistics.
Finally, Teekay Tankers Ltd. (NYSE:TNK), ended its last trade with 0.15% gain, and closed at $6.66.
Teekay Tankers Ltd., declared that its Board of Directors has approved a new dividend policy, effective right away, under which the Company intends to pay out 30 to 50 percent of its quarterly adjusted net income(1), with a minimum quarterly dividend of $0.03 per share, subject to any reserves determined to be required by the Company’s Board of Directors. The new dividend policy will provide investors the opportunity to more directly take part in the earnings from the tanker market while also enable the Company to further strengthen its balance sheet.
Based on the Company’s estimated results for the fourth quarter of 2015, the Company’s Board of Directors has declared a fourth quarter cash dividend of $0.12 per share, representing a 400 percent improvement from the previous fixed dividend of $0.03 per share. The cash dividend is payable on February 12, 2016 to all shareholders of record as at February 2, 2016.
Teekay Tankers also declared recently that it has secured a new $900 million long-term debt facility that will mature in January 2021. The new facility will be used to refinance 36 of the Company’s existing vessels, counting the recently-attained vessels that are secured by the Company’s two bridge loan facilities which mature in early-2016, and the Company’s main corporate revolving credit facility that matures in 2017. The new facility comprises both a term loan and a revolving credit facility component, which will stretch out the Company’s debt maturity profile in addition to provide financial flexibility. The facility, which was led by Nordea and ABN AMRO, is predictable to be accomplished in January 2016 subject to final documentation.
Teekay Tankers Ltd. is engaged in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. As of August 18, 2015, it owned a fleet of 44 double-hull tankers, counting 22 Suezmax tankers, 12 Aframax tankers, 7 LR2 product tankers, and 3 Medium-Range (MR) product tankers, in addition to 11 time charter-in tankers.
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