Zacks Investment Research Lowers Unit Corporation (UNT) to Sell
Unit Corporation (NYSE:UNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
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 analysts have also recently commented on UNT. Scotiabank reiterated a “hold” rating and set a $26.00 price objective on shares of Unit Corporation in a research report on Friday, June 30th. Cowen and Company set a $25.00 price objective on Unit Corporation and gave the company a “hold” rating in a research report on Tuesday, July 18th. KLR Group cut Unit Corporation from a “buy” rating to a “hold” rating and reduced their price objective for the company from $23.00 to $19.00 in a research report on Tuesday, July 25th. Finally, BidaskClub cut Unit Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $25.25.
Unit Corporation (UNT) traded up 0.84% on Thursday, hitting $20.52. The stock had a trading volume of 618,811 shares. Unit Corporation has a 52 week low of $15.29 and a 52 week high of $30.63. The firm has a 50-day moving average of $18.00 and a 200 day moving average of $19.18. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 394.62 and a beta of 2.84.
Unit Corporation (NYSE:UNT) last posted its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $170.58 million during the quarter, compared to analysts’ expectations of $178.59 million. Unit Corporation had a return on equity of 2.07% and a net margin of 0.39%. Unit Corporation’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.15) earnings per share. On average, analysts predict that Unit Corporation will post $0.51 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of UNT. Ameritas Investment Partners Inc. purchased a new stake in Unit Corporation in the first quarter worth about $106,000. State of Alaska Department of Revenue increased its position in Unit Corporation by 82.9% in the second quarter. State of Alaska Department of Revenue now owns 10,428 shares of the oil and gas company’s stock worth $195,000 after buying an additional 4,728 shares in the last quarter. Jane Street Group LLC purchased a new stake in Unit Corporation in the first quarter worth about $200,000. Laurion Capital Management LP purchased a new stake in Unit Corporation in the first quarter worth about $205,000. Finally, Wedge Capital Management L L P NC increased its position in Unit Corporation by 9.0% in the second quarter. Wedge Capital Management L L P NC now owns 11,394 shares of the oil and gas company’s stock worth $213,000 after buying an additional 940 shares in the last quarter. Institutional investors and hedge funds own 92.57% of the company’s stock.
About Unit Corporation
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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