Zacks Investment Research Downgrades Unit Corp. (UNT) to Hold
Unit Corp. (NYSE:UNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “UNIT CORP. is engaged in the land contract drilling of oil and natural gas wells, the development, acquisition and production of oil and natural gas properties, and the marketing of natural gas. Its principal areas of operations are located in the Anadarko and Arkoma Basins, which cover portions of Oklahoma, Texas, Kansas and Arkansas and has additional producing properties located in other states, including but not limited to, New Mexico, Louisiana, North Dakota, Colorado, Wyoming, Montana, Alabama and Mississippi. “
A number of other research firms have also recently commented on UNT. Seaport Global Securities restated a “buy” rating and set a $22.00 price target on shares of Unit Corp. in a research note on Friday, June 24th. KLR Group upped their price target on Unit Corp. from $17.00 to $19.00 and gave the stock an “accumulate” rating in a research note on Friday, September 2nd. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Unit Corp. has a consensus rating of “Buy” and a consensus price target of $19.14.
Shares of Unit Corp. (NYSE:UNT) opened at 16.94 on Wednesday. Unit Corp. has a 52-week low of $3.90 and a 52-week high of $19.53. The stock has a 50 day moving average price of $16.26 and a 200-day moving average price of $13.62. The firm’s market cap is $872.46 million.
Unit Corp. (NYSE:UNT) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.07. Unit Corp. had a negative return on equity of 2.41% and a negative net margin of 95.26%. The company had revenue of $138.30 million for the quarter, compared to analysts’ expectations of $131.05 million. During the same period in the prior year, the firm earned ($0.12) earnings per share. The firm’s revenue was down 35.5% compared to the same quarter last year. On average, equities analysts anticipate that Unit Corp. will post ($0.61) EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of UNT. Arizona State Retirement System raised its stake in Unit Corp. by 0.4% in the first quarter. Arizona State Retirement System now owns 26,149 shares of the company’s stock worth $230,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Unit Corp. by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 22,800 shares of the company’s stock valued at $355,000 after buying an additional 200 shares during the period. Capstone Asset Management Co. raised its position in Unit Corp. by 2.2% in the second quarter. Capstone Asset Management Co. now owns 14,743 shares of the company’s stock valued at $229,000 after buying an additional 320 shares during the period. PineBridge Investments L.P. raised its position in Unit Corp. by 10.1% in the second quarter. PineBridge Investments L.P. now owns 6,521 shares of the company’s stock valued at $101,000 after buying an additional 597 shares during the period. Finally, Profund Advisors LLC raised its position in Unit Corp. by 7.3% in the second quarter. Profund Advisors LLC now owns 16,780 shares of the company’s stock valued at $261,000 after buying an additional 1,146 shares during the period. 91.28% of the stock is currently owned by institutional investors and hedge funds.
Unit Corp. Company Profile
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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