Unit Corp. (UNT) Upgraded at Zacks Investment Research
Unit Corp. (NYSE:UNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $23.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 13.75% from the company’s previous close.
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 research analysts also recently commented on UNT. National Securities raised their price objective on Unit Corp. from $21.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, November 7th. KLR Group raised their price objective on Unit Corp. from $17.00 to $19.00 and gave the stock an “accumulate” rating in a report on Friday, September 2nd. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $20.00.
Unit Corp. (NYSE:UNT) opened at 20.22 on Friday. Unit Corp. has a one year low of $3.90 and a one year high of $21.17. The company’s market capitalization is $1.04 billion. The stock’s 50 day moving average price is $18.39 and its 200-day moving average price is $15.83.
Unit Corp. (NYSE:UNT) last released its quarterly earnings data on Thursday, November 3rd. The company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.12. The company had revenue of $153.40 million for the quarter, compared to the consensus estimate of $152.05 million. Unit Corp. had a negative return on equity of 2.61% and a negative net margin of 74.42%. Unit Corp.’s quarterly revenue was down 27.8% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. Equities analysts forecast that Unit Corp. will post ($0.61) EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Virginia Retirement Systems ET AL acquired a new stake in Unit Corp. during the second quarter worth $860,000. Victory Capital Management Inc. boosted its stake in Unit Corp. by 10.4% in the second quarter. Victory Capital Management Inc. now owns 2,581,402 shares of the company’s stock worth $40,167,000 after buying an additional 244,150 shares during the last quarter. Prudential Financial Inc. boosted its stake in 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 during the last quarter. Wedge Capital Management L L P NC boosted its stake in 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 during the last quarter. Finally, DUPONT CAPITAL MANAGEMENT Corp acquired a new stake in Unit Corp. during the second quarter worth $316,000. 93.20% 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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