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 report released 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. “
UNT has been the topic of a number of other research reports. KLR Group lowered shares of Unit Corp. from a “buy” rating to an “accumulate” rating and decreased their price target for the company from $16.00 to $15.00 in a report on Thursday, May 26th. Seaport Global Securities reiterated a “buy” rating and issued a $22.00 price target on shares of Unit Corp. in a report on Friday, June 24th. Two investment 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 stock. The company currently has a consensus rating of “Buy” and an average price target of $19.14.
Unit Corp. (NYSE:UNT) opened at 16.94 on Wednesday. Unit Corp. has a one year low of $3.90 and a one year high of $19.53. The stock’s market cap is $872.46 million. The firm’s 50 day moving average price is $16.26 and its 200 day moving average price is $13.62.
Unit Corp. (NYSE:UNT) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.15) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.07. The company had revenue of $138.30 million for the quarter, compared to analyst estimates of $131.05 million. Unit Corp. had a negative net margin of 95.26% and a negative return on equity of 2.41%. Unit Corp.’s revenue for the quarter was down 35.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.12) EPS. Equities analysts forecast that Unit Corp. will post ($0.61) earnings per share for the current year.
Institutional investors have recently bought and sold shares of the stock. Wedge Capital Management L L P NC raised its position in shares of Unit Corp. by 6,364.0% in the second quarter. Wedge Capital Management L L P NC now owns 1,079,876 shares of the company’s stock worth $50,689,000 after buying an additional 1,063,170 shares in the last quarter. State Street Corp raised its position in shares of Unit Corp. by 38.8% in the second quarter. State Street Corp now owns 1,541,638 shares of the company’s stock worth $23,990,000 after buying an additional 431,037 shares in the last quarter. Sprott Inc. purchased a new position in shares of Unit Corp. during the second quarter worth approximately $4,940,000. Marshall Wace LLP purchased a new position in shares of Unit Corp. during the second quarter worth approximately $4,178,000. Finally, Vanguard Group Inc. raised its position in shares of Unit Corp. by 6.5% in the second quarter. Vanguard Group Inc. now owns 4,113,091 shares of the company’s stock worth $63,999,000 after buying an additional 250,159 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.
About Unit Corp.
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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