Zacks Investment Research Downgrades 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 research report issued to clients and investors on Tuesday.
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. “
Several other analysts have also issued reports on UNT. KLR Group increased their price target on shares of Unit Corp. from $17.00 to $19.00 and gave the stock an “accumulate” rating in a research report on Friday, September 2nd. National Securities increased their price target on shares of Unit Corp. from $21.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, November 7th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $19.50.
Unit Corp. (NYSE:UNT) opened at 19.95 on Tuesday. The stock has a 50 day moving average price of $18.39 and a 200-day moving average price of $15.83. Unit Corp. has a 1-year low of $3.90 and a 1-year high of $20.55. The company’s market capitalization is $1.03 billion.
Unit Corp. (NYSE:UNT) last announced its earnings results on Thursday, November 3rd. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.12. Unit Corp. had a negative net margin of 74.42% and a negative return on equity of 2.61%. The firm had revenue of $153.40 million for the quarter, compared to analyst estimates of $152.05 million. During the same quarter in the prior year, the business posted $0.03 EPS. The business’s revenue was down 27.8% compared to the same quarter last year. Equities analysts predict that Unit Corp. will post ($0.61) earnings per share for the current year.
A number of hedge funds have recently modified their holdings of UNT. DUPONT CAPITAL MANAGEMENT Corp bought a new stake in shares of Unit Corp. during the second quarter worth $316,000. Bank of New York Mellon Corp raised its stake in shares of Unit Corp. by 5.1% in the second quarter. Bank of New York Mellon Corp now owns 1,016,757 shares of the company’s stock worth $15,821,000 after buying an additional 49,563 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Unit Corp. by 6,364.0% in the second quarter. Wedge Capital Management L L P NC now owns 1,079,876 shares of the company’s stock worth $50,689,000 after buying an additional 1,063,170 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Unit Corp. by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 22,800 shares of the company’s stock worth $355,000 after buying an additional 200 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Unit Corp. during the second quarter worth $373,000. Hedge funds and other institutional investors own 93.20% of the company’s stock.
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.
Receive News & Stock Ratings for Unit Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Unit Corp. and related stocks with our FREE daily email newsletter.