WASHINGTON (UPI) -- Federal agents say they are investigating a picture on the Internet allegedly showing Arizona men holding guns and a bullet-ridden image of President Obama.

The picture allegedly displayed seven young men with four of them holding up two assault rifles, a revolver and a bolt-action rifle. One of the men held up a T-shirt bearing a reproduction of the president's face with the word "HOPE," below which was riddled with gashes and small holes, The New York Times reported.

The photo and caption, "Another trip to the ranch," was posted Jan. 20 on the Facebook page of police Sgt. Pat Shearer, an officer from the Phoenix suburb of Peoria.

"We're aware of it, and we're conducting the appropriate follow-up steps," said Ed Donovan, a Secret Service spokesman in Washington.

The posting was also found on the Facebook page of one of the young men holding a weapon in the picture who was identified as a pupil at Peoria's Centennial High School, the newspaper said Thursday.

Danielle Airey, a spokeswoman for the Peoria Unified School District, said district officials also were investigating and seeking to identify any students involved in the incident.

"We will also wait to hear from local and federal authorities to cooperate with their investigations," Airey said in an e-mail.