The sideways action continued this winter with Independent oil/natural gas company Ultra Petroleum (UPL), first discussed here on June 4, 2009 at a price of $46.

The stock has failed to break through major, psychological resistance at $50 despite repeated flirtations with it -- a bearish technical sign.

Moreover, the underperformance is disappointing because UPL's fundamentals are good and improving. Ultra's growth prospects are strong, with 3-year reserve replacement rates that are among the best in its class; below-competitor operating expenses represent another UPL advantage. One factor in the stock's meandering? Lower-than-expected natural gas prices.

Independent oil/natural gas company Ultra Petroleum (UPL) first discussed here on June 4, 2009 at a price of $46, continues to disappoint investors this autumn, with the stock failing to break above $50, after the shares formed a bear hug this summer -- a bearish pattern, falling from $54 to about $37 in the process.

Moreover, the plunge was surprising because Ultra's growth prospects are strong, with 3-year reserve replacement rates that are among the best in its class; below-competitor operating expenses represent another UPL advantage.
One factor in the stock's slide? Lower-than-expected natural gas prices.

Analyst Upgrades

• Procter & Gamble (PG) upgraded to buy from neutral at Goldman.
• Capital One (COF) upgraded to outperform from market perform at FBR Capital.
• Airgas (ARG) upgraded to outperform from neutral at RW Baird.
• Broadcom (BRCM) upgraded to positive from neutral at Susquehanna.
• Lululemon (LULU) upgraded to hold from underperform at Jefferies.
• DryShips (DRYS) upgraded to outperform from neutral at Credit Suisse.

Analyst Upgrades

• Sprint (S) was upgraded to neutral from underweight at Piper Jaffray.
• Cree (CREE) was upgraded to outperform from market perform at Morgan Keegan.
• Brocade (BRCD) was upgraded to outperform from market perform at JMP Securities.
• JPMorgan upgraded WuXi PharmaTech (WX) to overweight from neutral.
• Barclays upgraded ITC Holdings (ITC) to overweight from equal weight.
• Centene (CNC) was upgraded to outperform from underperform at Oppenheimer.
• Senior Housing (SNH) was upgraded to buy from hold at Jefferies.
• UBS upgraded Hovnanian (HOV) to neutral from sell.
• GeoResources (GEOI) was upgraded to accumulate from neutral at Madison Williams.
• Compellent (CML) was upgraded to hold from sell at Canaccord.

Analyst Upgrades

• Goldman upgraded Eaton (ETN) to conviction buy from neutral.
• AECOM Technology (ACM) was upgraded to outperform from neutral at Macquarie.
• Piper Jaffray upgraded Hologic (HOLX), Gen-Probe (GPRO) and Qiagen (QGEN) to overweight from neutral.
• GeoMet (GMET) was upgraded to accumulate from neutral at Global Hunter.
• Accretive Health (AH) was upgraded to outperform from neutral at RW Baird.
• Morgan Stanley upgraded Reinsurance Group (RGA) to overweight from equal weight.
• BofA/Merrill upgraded Clearwire (CLWR) to neutral from underperform.

I first discussed Ultra Petroleum (UPL) here on June 4, 2009, at a price of $46. The independent oil/natural gas company has disappointed investors this summer, as the shares formed a bear hug -- a bearish pattern -- plummeting from $54 to about $37 in the process.

Moreover, the plunge was surprising because Ultra's growth prospects are strong, with three-year reserve replacement rates that are among the best in its class; below-competitor operating expenses represent another UPL advantage.
One factor in the stock's slide? Lower-than-expected natural gas prices.

Analyst Upgrades

• Canaccord believes growth in DigitalGlobe's (DGI) commercial business will be a catalyst for shares. The firm upgraded shares to buy from hold and has a $38 price target on the stock.
• Standpoint upgraded Abercrombie & Fitch (ANF) to accumulate from hold based on valuation. The firm has a $47 target on the stock.
• Morgan Keegan upgraded Open Text (OTEX) to outperform from market perform based on the company's strong FY2011 EPS outlook.
• Devon Energy (DVN) was upgraded to overweight from equal weight at Morgan Stanley.
• Magna (MGA) was upgraded to outperform from sector perform at RBC Capital.
• EnCana (ECA) was upgraded to outperform from neutral at Macquarie.

Analyst upgrades:

• Keefe Bruyette upgraded Goldman Sachs (GS) to Outperform from Market Perform with a $190 price target following the company's Q2 results. The firm believes the company's settlement with the SEC removes an overhang on shares.
• Stifel Nicolaus upgraded Health Care REIT (HCN) to Buy from Hold based on valuation and added shares to the Stifel REIT Income List. The firm has a $47 target on the stock.
• FBR Capital upgraded Annaly Capital (NLY) to Outperform from Market Perform citing the company's surprise dividend increase. The firm has a $20 target on the stock.
• Devon Energy (DVN) was upgraded to Overweight from Equal Weight at Barclays.
• Overseas Shipholding (OSG) was upgraded to Overweight from Underweight at JP Morgan.
• Cintas (CTAS) was upgraded to Neutral from Underperform at Baird.

It appears that financial institutions, drug makers and oil companies have caught the attention of traders today -- at least, that's what they're searching for.

If you want to know what stocks traders are interested in right now at this very second, you need look no further than what's hot in Google.

Here's what's hot today.

Analyst Upgrades

• Scotia Capital upgraded Apple (AAPL) to outperform from sector perform, citing valuation, potential increased iPhone distribution and iPad upside. The firm's two-year price target is $325.
• UBS upgraded Parker-Hannifin (PH) to neutral from sell following the company's better-than-expected Q3 report.
• Piper Jaffray upgraded Arkansas Best (ABFS) to neutral from underweight after the Teamsters union announced a tentative agreement with the company. The firm has a $33 price target for shares.
• Harley-Davidson (HOG) was upgraded to market perform from underperform at Raymond James.
• Allegheny Tech (ATI) was upgraded to buy from hold at KeyBanc.
• Manhattan Associates (MANH) was upgraded to buy from hold at Benchmark.

The stock of independent oil/gas company Ultra Petroleum Corp. (UPL), first discussed here on June 4, 2009 at a price of $46, continues to meander, which is surprising, given the company's growth prospects. However, at this juncture I still view the sideways action as a good time to scoop-up shares. Here's why:

Ultra's growth prospects are strong, with three-year reserve replacement rates that are among the best in its class; below-competitor operating expenses represent another UPL advantage. Likely, firming natural gas prices adds to the positive story.

Independent oil/gas company Ultra Petroleum Corp's (UPL) stock has meandered since my June 4, 2009 buy recommendation at a price of $46, but I'm reiterating the call, and investors should view the sideways action as chance to scoop-up shares. Here's why:

Ultra's growth prospects are strong, with three-year reserve replacement rates that are among the best in its class; below-competitor operating expenses represent another UPL advantage. Likely firming, then rising, natural gas prices in 2010 adds to the positive story.

Analyst upgrades:

• UBS upgraded Corning (NYSE: GLW) to Buy from Neutral and raised its target to $19 from $18.50, citing the improved LCD supply-demand outlook and improved sell-through ahead of the holiday season in China.
• Credit Suisse upgraded Newfield Exploration (NYSE: NFX) to Outperform from Neutral and raised its target to $48 from $44 citing valuation and improved asset quality.
• Stifel upgraded Newfield Exploration and Ultra Petroleum (NYSE: UPL) shares to Buy from Hold based on strong fundamentals and a long-term positive view for the E&P sector. The firm has a $50 target on Newfield and a $58 target on Ultra Petroleum.
• TJX Companies (NYSE: TJX) was upgraded to Conviction Buy from Buy at Goldman.
• General Mills (NYSE: GIS) was upgraded to Overweight from Equal Weight at Morgan Stanley.
• Coca-Cola Femsa (NYSE: KOF) was upgraded to Buy from Neutral at BofA/Merrill.

Oil could record a sluggish six-month period of sluggish prices, moving forward, particularly if the U.S. and global recoveries do not achieve projected GDP growth rates.

Still, investors should view the above as a good opportunity to acquire shares in promising oil plays, which is why I'm Reiterating my Buy rating for Ultra Petroleum Corp. (NYSE: UPL), first recommended on June 4, 2009 at a price of $46.00.

Readers of this space know that one of the preferred sectors is oil / oil services, and with the aforementioned in mind, Ultra Petroleum Corp. (NYSE: UPL) is worth a review.

In general, analysts expect good things in FY2009 from independent oil and natural gas producer Ultra Petroleum. Production should rise 20% in FY2009, following an equally-impressive 20% rise in FY2008.