Here's Why Ultra Petroleum Corp. Is Plunging Today

Shares of Ultra Petroleum Corp. (NASDAQ: UPL) slumped on Wednesday and were down more than 13% at 2:45 p.m. EDT, after the company posted mixed second-quarter results.

On the plus side, Ultra Petroleum recorded $51 million, or $0.28 per share, of adjusted net income, which on an absolute basis was an improvement from the year-ago quarter, when it recorded $37.9 million of adjusted net income. That said, per-share earnings fell from the $0.47 per share recorded last year, because of a massive increase in shares outstanding due to the company's bankruptcy restructuring. Furthermore, the company missed analysts' expectations by $0.10 per share.

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Source: Fool.com