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"The hedging for 2013 will drag on the stock unless/until prices rise" -

For this year:

UPL has hedged 27.3 billion cubic feet of nat gas production at $5.03 in Q1 with volume hedged nearly doubling in subsequent quarters - total hedged for 2012 is 184.1 billion cubic feet at $4.43.

They've cut production so any hedges in place are going to be increasingly significant. Is it possible this is underappreciated?
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