Ultra Petroleum (NASDAQ:UPL) +2.2% premarket after Fir Tree Partners, its largest shareholder, says it plans to engage with the company to "pursue value-maximizing strategic alternatives."
"UPL
is the most attractive natural gas company in the U.S. and trades at a
substantial and unwarranted discount to its pure play comps," Fir Tree
says. "Its deep, low-cost inventory, significant resource growth
potential and absence of throughput issues that plague its Northeast
peers is fully unrecognized in its current share price."
Fir Tree has direct control over 18.53% of UPL common shares and total economic interest in 22.12% of the shares.