Piermont Capital Management Inc. Sells 21,970 Shares of Unit Corporation (UNT)
Piermont Capital Management Inc. lowered its position in Unit Corporation (NYSE:UNT) by 20.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 84,776 shares of the oil and gas company’s stock after selling 21,970 shares during the quarter. Piermont Capital Management Inc. owned approximately 0.16% of Unit Corporation worth $1,588,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Unit Corporation by 23,333.4% in the first quarter. BlackRock Inc. now owns 6,658,614 shares of the oil and gas company’s stock valued at $160,872,000 after acquiring an additional 6,630,199 shares during the last quarter. Vanguard Group Inc. lifted its stake in Unit Corporation by 8.6% in the second quarter. Vanguard Group Inc. now owns 6,428,609 shares of the oil and gas company’s stock valued at $120,407,000 after acquiring an additional 511,139 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Unit Corporation by 21.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,097,643 shares of the oil and gas company’s stock valued at $74,838,000 after acquiring an additional 554,610 shares during the last quarter. State Street Corp lifted its stake in Unit Corporation by 8.5% in the first quarter. State Street Corp now owns 1,678,306 shares of the oil and gas company’s stock valued at $40,546,000 after acquiring an additional 131,177 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Unit Corporation by 31.2% in the second quarter. JPMorgan Chase & Co. now owns 1,163,461 shares of the oil and gas company’s stock valued at $21,791,000 after acquiring an additional 276,734 shares during the last quarter. Hedge funds and other institutional investors own 92.57% of the company’s stock.
Shares of Unit Corporation (NYSE UNT) opened at 19.67 on Monday. The firm has a market cap of $1.04 billion, a PE ratio of 378.27 and a beta of 2.79. Unit Corporation has a 52 week low of $15.29 and a 52 week high of $30.63. The firm has a 50-day moving average of $17.09 and a 200-day moving average of $19.34.
Unit Corporation (NYSE:UNT) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The company had revenue of $170.58 million for the quarter, compared to the consensus estimate of $178.59 million. Unit Corporation had a net margin of 0.39% and a return on equity of 2.07%. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.15) EPS. On average, analysts expect that Unit Corporation will post $0.50 EPS for the current year.
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A number of brokerages have commented on UNT. KLR Group cut shares of Unit Corporation from a “buy” rating to a “hold” rating and cut their price target for the company from $23.00 to $19.00 in a research note on Tuesday, July 25th. Zacks Investment Research cut shares of Unit Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Cowen and Company set a $25.00 price target on shares of Unit Corporation and gave the company a “hold” rating in a research note on Tuesday, July 18th. Scotiabank set a $26.00 price target on shares of Unit Corporation and gave the company a “hold” rating in a research note on Thursday, August 3rd. Finally, BidaskClub cut shares of Unit Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $26.00.
Unit Corporation 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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