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

Unit Co. (NYSE:UNT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, May 10th.

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 research firms have also commented on UNT. Scotiabank set a $29.00 price target on shares of Unit and gave the stock a “hold” rating in a research report on Monday, March 27th. National Securities reaffirmed a “buy” rating and set a $30.00 price target on shares of Unit in a research report on Monday, May 8th. Finally, KLR Group raised shares of Unit from a “reduce” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Friday, May 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $26.20.

Unit (NYSE:UNT) opened at 18.16 on Wednesday. Unit has a 12-month low of $11.06 and a 12-month high of $30.63. The company’s market cap is $959.27 million. The stock’s 50 day moving average is $19.20 and its 200 day moving average is $23.67.

Unit (NYSE:UNT) last released its quarterly earnings results on Thursday, May 4th. The oil and gas company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by $0.08. Unit had a return on equity of 5.31% and a net margin of 9.06%. The business had revenue of $175.70 million for the quarter, compared to the consensus estimate of $177.58 million. During the same period in the prior year, the business posted ($0.41) earnings per share. Unit’s revenue was up 29.0% compared to the same quarter last year. On average, equities analysts forecast that Unit will post $0.89 earnings per share for the current year.

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Large investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of Unit during the first quarter worth about $106,000. State of Alaska Department of Revenue increased its stake in shares of Unit by 2.3% in the first quarter. State of Alaska Department of Revenue now owns 5,700 shares of the oil and gas company’s stock worth $137,000 after buying an additional 130 shares during the last quarter. Acrospire Investment Management LLC increased its stake in shares of Unit by 19.4% in the first quarter. Acrospire Investment Management LLC now owns 6,777 shares of the oil and gas company’s stock worth $164,000 after buying an additional 1,100 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Unit during the first quarter worth about $200,000. Finally, Laurion Capital Management LP purchased a new stake in shares of Unit during the first quarter worth about $205,000. Hedge funds and other institutional investors own 92.57% 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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