Zacks Investment Research downgraded shares of Unit Corporation (NYSE:UNT) from a hold rating to a sell rating in a research report sent to investors on Thursday.

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 analysts have also issued research reports about the stock. KLR Group lowered shares of Unit Corporation from a buy rating to a hold rating and decreased their target price for the stock from $23.00 to $19.00 in a report on Tuesday, July 25th. Cowen and Company set a $25.00 target price on shares of Unit Corporation and gave the company a hold rating in a report on Tuesday, July 18th. Scotiabank reaffirmed a hold rating and set a $26.00 target price on shares of Unit Corporation in a report on Friday, June 30th. Finally, National Securities reaffirmed a buy rating and set a $30.00 target price on shares of Unit Corporation in a report on Monday, May 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $25.80.

Unit Corporation (UNT) opened at 18.51 on Thursday. Unit Corporation has a 12-month low of $11.06 and a 12-month high of $30.63. The firm has a 50-day moving average of $18.09 and a 200 day moving average of $21.87. The company’s market capitalization is $977.75 million.

Unit Corporation (NYSE:UNT) last released its earnings results on Thursday, May 4th. The oil and gas company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.08. The company had revenue of $175.70 million during the quarter, compared to analysts’ expectations of $177.58 million. Unit Corporation had a negative net margin of 12.24% and a positive return on equity of 1.17%. The firm’s revenue was up 29.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.41) earnings per share. Analysts forecast that Unit Corporation will post $0.72 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the company. Wedge Capital Management L L P NC increased its position in Unit Corporation by 9.7% in the first quarter. Wedge Capital Management L L P NC now owns 10,454 shares of the oil and gas company’s stock worth $253,000 after buying an additional 925 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Unit Corporation by 8.3% in the first quarter. Great West Life Assurance Co. Can now owns 75,004 shares of the oil and gas company’s stock valued at $1,811,000 after buying an additional 5,742 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Unit Corporation by 464.7% in the first quarter. Wells Fargo & Company MN now owns 368,008 shares of the oil and gas company’s stock valued at $8,891,000 after buying an additional 302,835 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Unit Corporation by 2.2% in the first quarter. Russell Investments Group Ltd. now owns 87,695 shares of the oil and gas company’s stock valued at $2,118,000 after buying an additional 1,911 shares in the last quarter. Finally, Shell Asset Management Co. increased its position in shares of Unit Corporation by 78.1% in the first quarter. Shell Asset Management Co. now owns 48,715 shares of the oil and gas company’s stock valued at $1,177,000 after buying an additional 21,358 shares in the last quarter. Hedge funds and other institutional investors own 91.30% of the company’s stock.

Unit Corporation 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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