Zacks Investment Research Upgrades Unit Corporation (UNT) to “Hold”
Unit Corporation (NYSE:UNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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 equities research analysts have also recently commented on the company. 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 note on Tuesday, July 25th. Cowen and Company reissued a “hold” rating and issued a $25.00 price objective on shares of Unit Corporation in a research note on Sunday, September 17th. Scotiabank reissued a “hold” rating and issued a $26.00 price objective on shares of Unit Corporation in a research note on Friday, June 30th. Finally, BidaskClub cut Unit Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $25.25.
Shares of Unit Corporation (NYSE UNT) traded down 2.23% during trading on Thursday, hitting $19.75. The company had a trading volume of 24,606 shares. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 379.81 and a beta of 2.84. Unit Corporation has a 12-month low of $15.29 and a 12-month high of $30.63. The stock has a 50-day moving average of $18.51 and a 200 day moving average of $19.11.
Unit Corporation (NYSE:UNT) last released its earnings results on Thursday, August 3rd. The oil and gas company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. Unit Corporation had a return on equity of 2.07% and a net margin of 0.39%. The business had revenue of $170.58 million during the quarter, compared to analysts’ expectations of $178.59 million. During the same quarter last year, the firm posted ($0.15) earnings per share. The firm’s revenue was up 23.3% on a year-over-year basis. On average, analysts predict that Unit Corporation will post $0.51 EPS for the current fiscal year.
Several large investors have recently made changes to their positions in UNT. Ameritas Investment Partners Inc. purchased a new position in shares of Unit Corporation during the first quarter valued at approximately $106,000. State of Alaska Department of Revenue boosted its position in shares of Unit Corporation by 82.9% during the second quarter. State of Alaska Department of Revenue now owns 10,428 shares of the oil and gas company’s stock valued at $195,000 after buying an additional 4,728 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Unit Corporation during the first quarter valued at approximately $200,000. Laurion Capital Management LP purchased a new position in shares of Unit Corporation during the first quarter valued at approximately $205,000. Finally, Wedge Capital Management L L P NC boosted its position in shares of Unit Corporation by 9.0% during the second quarter. Wedge Capital Management L L P NC now owns 11,394 shares of the oil and gas company’s stock valued at $213,000 after buying an additional 940 shares during the last quarter. 92.57% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Unit Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Unit Corporation and related companies with MarketBeat.com's FREE daily email newsletter.