Unit Corporation (UNT) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Unit Corporation (NYSE:UNT) from a hold rating to a sell rating in a research note published on Friday.

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 equities research analysts have also issued reports on the company. KLR Group lowered Unit Corporation from a buy rating to a hold rating and cut their target price for the stock from $23.00 to $19.00 in a research report on Tuesday, July 25th. Cowen and Company reissued a hold rating and set a $25.00 price target on shares of Unit Corporation in a research report on Sunday, September 17th. Scotiabank reissued a hold rating and set a $26.00 price target on shares of Unit Corporation in a research report on Friday, June 30th. Finally, BidaskClub lowered Unit Corporation from a hold rating to a sell rating in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $25.25.

Shares of Unit Corporation (NYSE:UNT) opened at 18.28 on Friday. Unit Corporation has a 52-week low of $15.29 and a 52-week high of $30.63. The company’s 50-day moving average price is $19.16 and its 200-day moving average price is $18.60. The stock has a market cap of $966.76 million, a PE ratio of 351.54 and a beta of 2.84.

Unit Corporation (NYSE:UNT) last announced its earnings results on Thursday, August 3rd. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $170.58 million for the quarter, compared to analyst estimates of $178.59 million. Unit Corporation had a return on equity of 2.07% and a net margin of 0.39%. Unit Corporation’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.15) earnings per share. Analysts expect that Unit Corporation will post $0.51 earnings per share for the current year.

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A number of large investors have recently bought and sold shares of UNT. OppenheimerFunds Inc. raised its position in Unit Corporation by 42.4% during the first quarter. OppenheimerFunds Inc. now owns 21,142 shares of the oil and gas company’s stock valued at $511,000 after buying an additional 6,290 shares during the period. Principal Financial Group Inc. raised its position in Unit Corporation by 0.7% during the first quarter. Principal Financial Group Inc. now owns 394,708 shares of the oil and gas company’s stock valued at $9,536,000 after buying an additional 2,802 shares during the period. Wellington Management Group LLP raised its position in Unit Corporation by 77.5% during the first quarter. Wellington Management Group LLP now owns 78,829 shares of the oil and gas company’s stock valued at $1,904,000 after buying an additional 34,420 shares during the period. TIAA CREF Investment Management LLC raised its position in Unit Corporation by 63.4% during the first quarter. TIAA CREF Investment Management LLC now owns 478,211 shares of the oil and gas company’s stock valued at $11,554,000 after buying an additional 185,538 shares during the period. Finally, Thrivent Financial For Lutherans raised its position in Unit Corporation by 9.4% during the first quarter. Thrivent Financial For Lutherans now owns 29,920 shares of the oil and gas company’s stock valued at $723,000 after buying an additional 2,580 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

About Unit Corporation

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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