Zacks Investment Research Lowers 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. “
A number of other research analysts also recently issued reports on the company. KLR Group boosted their price target on Unit Corp. from $17.00 to $19.00 and gave the company an “accumulate” rating in a report on Friday, September 2nd. Seaport Global Securities restated a “buy” rating and set 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 issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $19.14.
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Shares of Unit Corp. (NYSE:UNT) opened at 15.33 on Wednesday. The company’s market cap is $789.54 million. Unit Corp. has a 12 month low of $3.90 and a 12 month high of $19.53. The company’s 50 day moving average price is $16.00 and its 200 day moving average price is $13.57.
Unit Corp. (NYSE:UNT) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $131.05 million. During the same quarter in the previous year, the business earned ($0.12) EPS. Unit Corp.’s revenue was down 35.5% compared to the same quarter last year. On average, equities analysts expect that Unit Corp. will post ($0.68) EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of UNT. PineBridge Investments L.P. boosted its stake 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 last quarter. Teacher Retirement System of Texas boosted its stake in shares of Unit Corp. by 20.1% in the second quarter. Teacher Retirement System of Texas now owns 6,998 shares of the company’s stock worth $109,000 after buying an additional 1,170 shares in the last quarter. Mason Street Advisors LLC bought a new stake in shares of Unit Corp. during the second quarter worth approximately $156,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Unit Corp. during the second quarter worth approximately $225,000. Finally, Capstone Asset Management Co. boosted its stake in shares of Unit Corp. by 2.2% in the second quarter. Capstone Asset Management Co. now owns 14,743 shares of the company’s stock worth $229,000 after buying an additional 320 shares in the last quarter. 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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