Unit Co. (UNT) Downgraded to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Unit Co. (NYSE:UNT) from a hold rating to a strong sell rating in a research note released on Wednesday.

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 research analysts also recently issued research reports about the stock. National Securities reiterated a buy rating and issued a $30.00 target price on shares of Unit in a research report on Monday, May 8th. KLR Group upgraded shares of Unit from a reduce rating to a buy rating and set a $21.00 price target on the stock in a report on Friday, May 5th. Finally, Scotiabank set a $29.00 price target on shares of Unit and gave the company a hold rating in a report on Monday, March 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $26.20.

Unit (NYSE:UNT) opened at 19.54 on Wednesday. The firm has a 50-day moving average price of $21.90 and a 200 day moving average price of $23.77. Unit has a one year low of $11.06 and a one year high of $30.63. The firm’s market capitalization is $1.03 billion.

Unit (NYSE:UNT) last released its earnings results on Thursday, May 4th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by $0.08. Unit had a negative return on equity of 2.61% and a negative net margin of 74.42%. The company had revenue of $175.70 million during the quarter, compared to analysts’ expectations of $177.58 million. During the same quarter in the previous year, the company earned ($0.41) EPS. The firm’s quarterly revenue was up 29.0% compared to the same quarter last year. Equities research analysts anticipate that Unit will post $0.97 earnings per share for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. U S Global Investors Inc. increased its position in Unit by 13.2% in the third quarter. U S Global Investors Inc. now owns 67,800 shares of the oil and gas company’s stock worth $1,261,000 after buying an additional 7,900 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in Unit during the third quarter worth $572,000. Los Angeles Capital Management & Equity Research Inc. increased its position in Unit by 191.7% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 42,253 shares of the oil and gas company’s stock worth $786,000 after buying an additional 27,768 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its position in Unit by 1.4% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,410 shares of the oil and gas company’s stock worth $212,000 after buying an additional 160 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in Unit by 7.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,444,407 shares of the oil and gas company’s stock worth $26,866,000 after buying an additional 95,072 shares in the last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.

Unit 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.

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