Zacks Investment Research Upgrades Unit Corp. (UNT) to “Buy”
Unit Corp. (NYSE:UNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $20.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 5.49% from the stock’s current price.
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. “
Other equities analysts also recently issued reports about the stock. KLR Group raised their price objective on shares of Unit Corp. from $17.00 to $19.00 and gave the stock an “accumulate” rating in a report on Friday, September 2nd. National Securities raised their price objective on shares of Unit Corp. from $21.00 to $18.00 and gave the stock a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $19.50.
Shares of Unit Corp. (NYSE:UNT) opened at 18.96 on Wednesday. The company’s market capitalization is $976.17 million. Unit Corp. has a one year low of $3.90 and a one year high of $20.33. The company’s 50-day moving average is $18.05 and its 200-day moving average is $15.61.
Unit Corp. (NYSE:UNT) last released its quarterly earnings data on Thursday, November 3rd. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.12. The company earned $153.40 million during the quarter, compared to the consensus estimate of $152.05 million. Unit Corp. had a negative net margin of 74.42% and a negative return on equity of 2.61%. The firm’s revenue for the quarter was down 27.8% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. Equities analysts predict that Unit Corp. will post ($0.63) earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in the stock. Aperio Group LLC increased its position in shares of Unit Corp. by 19.2% in the first quarter. Aperio Group LLC now owns 30,511 shares of the company’s stock worth $269,000 after buying an additional 4,917 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Unit Corp. by 37.7% in the first quarter. Prudential Financial Inc. now owns 161,000 shares of the company’s stock worth $1,418,000 after buying an additional 44,100 shares in the last quarter. BlackRock Fund Advisors increased its position in shares of Unit Corp. by 2.5% in the first quarter. BlackRock Fund Advisors now owns 3,402,546 shares of the company’s stock worth $29,976,000 after buying an additional 82,521 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Unit Corp. by 3.5% in the first quarter. JPMorgan Chase & Co. now owns 652,822 shares of the company’s stock worth $5,751,000 after buying an additional 21,783 shares in the last quarter. Finally, HBK Investments L P increased its position in shares of Unit Corp. by 3.3% in the first quarter. HBK Investments L P now owns 292,580 shares of the company’s stock worth $2,578,000 after buying an additional 9,455 shares in the last quarter. 91.62% of the stock is owned by hedge funds and other institutional investors.
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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