Analysts who turned their back on Ultra Petroleum over the past year may be about to change their tune as the independent oil and natural gas company appears to be primed for some breakout growth and could very well be an acquisition target by a larger competitor.

Morningstar analyst Mark Hanson this week added Ultra Petroleum (NYSE: UPL) to the firm's "Best Ideas" list with a four-star rating and raised its fair value price estimate from $59 a share to $64 a share.

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