Before you start to worry that shares of Ultra Petroleum (NASDAQOTH:UPLMQ) have hit their limit this year after climbing an impressive 35% so far this year, take a look at this quarter's earnings release. Not only did Ultra's impressive results show that the recent run-up was worth it, but the company also proved that there is still a lot of value left in this stock. Some of the things that helped contribute to this trouncing of analyst expectations were not all in Ultra's hands; natural gas prices did see a rather impressive hike over the winter, after all. Still, there were other aspects of the company that make it a very compelling stock over the long term.

Not only is the company branching out into high-margin oil production, but it holds one key advantage over may other American independent oil and gas producers like Cabot Oil & Gas (NYSE:COG) and Range Resources (NYSE:RRC) today. In the video below, find out what that advantage is and why Ultra is still one of the best-kept secrets on Wall Street.

Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google+, or on Twitter @TylerCroweFool.

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