Unit Corp. (UNT) Shares Gap Up to $16.09
Unit Corp. (NYSE:UNT)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $15.92, but opened at $16.09. Unit Corp. shares last traded at $17.06, with a volume of 416,153 shares trading hands.
UNT has been the topic of several research analyst reports. KLR Group cut Unit Corp. from a “buy” rating to an “accumulate” rating and lowered their price target for the company from $16.00 to $15.00 in a report on Thursday, May 26th. Zacks Investment Research raised Unit Corp. from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Saturday, July 30th. Seaport Global Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Unit Corp. in a report on Friday, June 24th. National Securities reaffirmed a “buy” rating and issued a $18.00 target price on shares of Unit Corp. in a report on Monday, May 9th. Finally, Raymond James Financial Inc. raised Unit Corp. from a “market perform” rating to a “strong-buy” rating and set a $20.00 target price on the stock in a report on Friday, May 6th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Unit Corp. presently has a consensus rating of “Buy” and an average target price of $18.57.
The firm’s market capitalization is $899.76 million. The stock has a 50 day moving average price of $14.06 and a 200 day moving average price of $11.99.
Unit Corp. (NYSE:UNT) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.07. The firm earned $138.30 million during the quarter, compared to analysts’ expectations of $131.05 million. During the same period in the prior year, the firm posted ($0.12) earnings per share. Unit Corp.’s revenue for the quarter was down 35.5% compared to the same quarter last year. Equities research analysts expect that Unit Corp. will post ($0.77) earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its position in Unit Corp. by 92.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 111,950 shares of the company’s stock valued at $1,366,000 after buying an additional 53,750 shares in the last quarter. California Public Employees Retirement System raised its position in Unit Corp. by 11.5% in the fourth quarter. California Public Employees Retirement System now owns 266,658 shares of the company’s stock valued at $3,253,000 after buying an additional 27,500 shares in the last quarter. Finally, River Road Asset Management LLC raised its position in Unit Corp. by 48.2% in the fourth quarter. River Road Asset Management LLC now owns 294,359 shares of the company’s stock valued at $3,591,000 after buying an additional 95,741 shares in the last quarter.
Unit Corporation is an oil and natural gas contract drilling company. The Company has operations in the exploration and production and mid-stream areas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling and Mid-Stream. It is primarily engaged in the exploration, development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing and treating of natural gas.
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