Unit Corp. (UNT) Downgraded to “Hold” at Zacks Investment Research
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 downgraded shares of Unit Corp. from a “buy” rating to an “accumulate” rating and lowered their price objective for the company from $16.00 to $15.00 in a research report on Thursday, May 26th. Seaport Global Securities restated a “buy” rating and set a $22.00 price objective on shares of Unit Corp. in a research report on Friday, June 24th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.14.
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Unit Corp. (NYSE:UNT) opened at 15.33 on Wednesday. Unit Corp. has a 1-year low of $3.90 and a 1-year high of $19.53. The stock’s market capitalization is $789.54 million. The company has a 50-day moving average of $16.00 and a 200-day moving average of $13.57.
Unit Corp. (NYSE:UNT) last issued its quarterly earnings data 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 the consensus estimate of $131.05 million. Unit Corp. had a negative net margin of 95.26% and a negative return on equity of 2.41%. The firm’s revenue for the quarter was down 35.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. Analysts anticipate that Unit Corp. will post ($0.68) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aperio Group LLC increased its position in Unit Corp. by 19.2% in the first quarter. Aperio Group LLC now owns 30,511 shares of the company’s stock valued at $269,000 after buying an additional 4,917 shares during the last quarter. JPMorgan Chase & Co. increased its position in Unit Corp. by 3.5% in the first quarter. JPMorgan Chase & Co. now owns 652,822 shares of the company’s stock valued at $5,751,000 after buying an additional 21,783 shares during the last quarter. Prudential Financial Inc. increased its position in Unit Corp. by 37.7% in the first quarter. Prudential Financial Inc. now owns 161,000 shares of the company’s stock valued at $1,418,000 after buying an additional 44,100 shares during the last quarter. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in Unit Corp. during the second quarter valued at $316,000. Finally, Victory Capital Management Inc. increased its position in Unit Corp. by 10.4% in the second quarter. Victory Capital Management Inc. now owns 2,581,402 shares of the company’s stock valued at $40,167,000 after buying an additional 244,150 shares during 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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