Unit (UNT) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Unit (NYSE:UNT) from a hold rating to a buy rating in a report issued on Saturday morning. They currently have $25.00 target price on the oil and gas company’s stock.

According to Zacks, “Unit Corporation is a diversified energy company engaged through its subsidiaries in the exploration for and production of oil and natural gas, the acquisition of producing oil and natural gas properties, the contract drilling of onshore oil and natural gas wells, and the gathering and processing 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 have also recently issued reports about the stock. SunTrust Banks reaffirmed a buy rating and issued a $25.00 target price on shares of Unit in a report on Friday, November 3rd. KLR Group cut shares of Unit from a buy rating to a hold rating in a report on Tuesday, October 17th. Cowen reissued a hold rating and issued a $25.00 price target on shares of Unit in a report on Sunday, September 17th. ValuEngine cut shares of Unit from a hold rating to a sell rating in a report on Sunday, December 31st. Finally, Scotiabank reissued a hold rating and issued a $23.00 price target on shares of Unit in a report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $24.67.

Shares of Unit (NYSE UNT) traded up $0.47 during trading hours on Friday, reaching $23.73. 356,300 shares of the company’s stock traded hands, compared to its average volume of 528,440. The company has a quick ratio of 0.66, a current ratio of 0.67 and a debt-to-equity ratio of 0.64. The company has a market cap of $1,250.00, a PE ratio of 40.22 and a beta of 2.90. Unit has a 52-week low of $15.29 and a 52-week high of $29.41.

Unit (NYSE:UNT) last issued its earnings results on Thursday, November 2nd. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.01). The firm had revenue of $188.49 million during the quarter, compared to the consensus estimate of $189.44 million. Unit had a net margin of 4.28% and a return on equity of 2.33%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share. research analysts expect that Unit will post 0.5 EPS for the current year.

Several large investors have recently made changes to their positions in UNT. Piedmont Investment Advisors LLC acquired a new position in shares of Unit during the 2nd quarter worth approximately $214,000. Neuberger Berman Group LLC acquired a new position in shares of Unit during the 2nd quarter worth approximately $308,000. Wedge Capital Management L L P NC grew its position in shares of Unit by 31.5% during the 3rd quarter. Wedge Capital Management L L P NC now owns 14,984 shares of the oil and gas company’s stock worth $308,000 after purchasing an additional 3,590 shares in the last quarter. Macquarie Group Ltd. acquired a new position in shares of Unit during the 3rd quarter worth approximately $313,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Unit during the 2nd quarter worth approximately $314,000. Hedge funds and other institutional investors own 95.15% of the company’s stock.

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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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