Unit (NYSE:UNT) Cut to “Underperform” at Raymond James

Raymond James lowered shares of Unit (NYSE:UNT) from a market perform rating to an underperform rating in a report released on Monday, January 6th, BenzingaRatingsTable reports.

A number of other equities research analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Unit from a strong sell rating to a hold rating in a report on Thursday, December 19th. ValuEngine raised shares of Unit from a strong sell rating to a sell rating in a research report on Tuesday, October 1st.

Shares of UNT stock opened at $0.50 on Monday. The firm has a market cap of $26.51 million, a price-to-earnings ratio of 0.50 and a beta of 2.44. The company’s 50 day moving average is $0.73 and its 200 day moving average is $3.14. The company has a quick ratio of 0.67, a current ratio of 0.68 and a debt-to-equity ratio of 0.57. Unit has a 52-week low of $0.44 and a 52-week high of $18.24.

Unit (NYSE:UNT) last released its earnings results on Friday, November 8th. The oil and gas company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.06). The company had revenue of $155.44 million for the quarter, compared to analysts’ expectations of $160.87 million. Unit had a negative return on equity of 0.67% and a negative net margin of 40.93%. The firm’s revenue for the quarter was down 29.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.30 EPS. Analysts anticipate that Unit will post -0.67 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its holdings in shares of Unit by 10.7% during the second quarter. Victory Capital Management Inc. now owns 3,597,666 shares of the oil and gas company’s stock valued at $31,983,000 after acquiring an additional 348,325 shares during the period. Morgan Stanley lifted its holdings in Unit by 135.9% in the second quarter. Morgan Stanley now owns 452,362 shares of the oil and gas company’s stock worth $4,023,000 after purchasing an additional 260,576 shares during the period. Nuveen Asset Management LLC acquired a new stake in Unit in the second quarter worth about $1,963,000. First Trust Advisors LP lifted its holdings in Unit by 110.4% in the 3rd quarter. First Trust Advisors LP now owns 316,333 shares of the oil and gas company’s stock valued at $1,069,000 after acquiring an additional 165,965 shares during the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in Unit by 80.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 299,073 shares of the oil and gas company’s stock valued at $2,659,000 after acquiring an additional 133,562 shares during the last quarter. Institutional investors and hedge funds own 84.60% of the company’s stock.

About Unit

Unit Corporation, together with its subsidiaries, engages in the exploration, acquisition, development, and production of oil and natural gas properties in the United States. It operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores for, acquires, develops, and produces oil and natural gas properties.

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