Unit Co. (NYSE:UNT)’s share price fell 5.8% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $3.95 and last traded at $4.20, 1,109,110 shares were traded during trading. An increase of 175% from the average session volume of 403,470 shares. The stock had previously closed at $4.46.
The oil and gas company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.29). The business had revenue of $165.20 million for the quarter, compared to analyst estimates of $185.61 million. Unit had a positive return on equity of 2.79% and a negative net margin of 6.84%. Unit’s quarterly revenue was down 18.7% on a year-over-year basis. During the same quarter last year, the company posted $0.21 EPS.
A number of research analysts have recently weighed in on UNT shares. ValuEngine cut shares of Unit from a “sell” rating to a “strong sell” rating in a research note on Friday, April 26th. Raymond James set a $22.00 price target on shares of Unit and gave the stock a “buy” rating in a research note on Friday, May 3rd. Zacks Investment Research raised shares of Unit from a “sell” rating to a “hold” rating in a research report on Saturday, July 13th. Finally, TheStreet lowered shares of Unit from a “c-” rating to a “d+” rating in a research note on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $23.33.
In other news, Director King P. Kirchner bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $11.59 per share, with a total value of $115,900.00. Following the completion of the purchase, the director now owns 158,820 shares of the company’s stock, valued at $1,840,723.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired a total of 15,000 shares of company stock worth $157,620 over the last 90 days. Corporate insiders own 5.16% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Magnus Financial Group LLC purchased a new position in Unit during the 2nd quarter worth $99,000. Wedge Capital Management L L P NC lifted its position in Unit by 36.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 16,620 shares of the oil and gas company’s stock worth $148,000 after acquiring an additional 4,403 shares during the period. Everence Capital Management Inc. acquired a new stake in Unit during the 1st quarter worth about $151,000. Nisa Investment Advisors LLC raised its stake in shares of Unit by 123.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 10,875 shares of the oil and gas company’s stock valued at $155,000 after buying an additional 6,000 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Unit during the 2nd quarter valued at about $231,000. 86.67% of the stock is owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market cap of $322.27 million, a PE ratio of 4.20 and a beta of 2.54. The firm’s 50 day moving average price is $7.71.
Unit Company Profile (NYSE:UNT)
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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