Shares of Unit Co. (NYSE:UNT) shot up 7.7% on Wednesday following insider buying activity. The stock traded as high as $3.02 and last traded at $2.92, 1,614,759 shares traded hands during trading. An increase of 259% from the average session volume of 449,460 shares. The stock had previously closed at $2.71.
Specifically, EVP Frank Q. Young bought 10,000 shares of the stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average cost of $2.74 per share, with a total value of $27,400.00. Following the completion of the purchase, the executive vice president now owns 103,848 shares of the company’s stock, valued at $284,543.52. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have acquired 21,000 shares of company stock worth $86,400 in the last quarter. Company insiders own 5.16% of the company’s stock.
Several research firms have commented on UNT. Raymond James set a $14.00 price target on shares of Unit and gave the company a “buy” rating in a research report on Wednesday, August 7th. TheStreet lowered Unit from a “c-” rating to a “d+” rating in a research report on Tuesday, May 21st. Zacks Investment Research upgraded Unit from a “sell” rating to a “hold” rating in a research report on Saturday, July 13th. Finally, ValuEngine lowered Unit from a “sell” rating to a “strong sell” rating in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $21.20.
The firm has a market cap of $183.00 million, a PE ratio of 2.92 and a beta of 2.54. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average is $7.02.
Unit (NYSE:UNT) last announced its earnings results on Tuesday, August 6th. The oil and gas company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.29). Unit had a negative net margin of 8.99% and a positive return on equity of 1.31%. The business had revenue of $165.20 million for the quarter, compared to analysts’ expectations of $185.61 million. During the same quarter last year, the business earned $0.21 EPS. The company’s quarterly revenue was down 18.7% on a year-over-year basis. Research analysts anticipate that Unit Co. will post -0.04 earnings per share for the current year.
Several large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in Unit by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 563,315 shares of the oil and gas company’s stock valued at $8,044,000 after purchasing an additional 29,397 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Unit by 10.4% during the fourth quarter. Two Sigma Advisers LP now owns 28,481 shares of the oil and gas company’s stock worth $407,000 after acquiring an additional 2,673 shares in the last quarter. Bank of America Corp DE increased its position in shares of Unit by 201.5% during the fourth quarter. Bank of America Corp DE now owns 80,140 shares of the oil and gas company’s stock worth $1,144,000 after acquiring an additional 53,558 shares in the last quarter. Millennium Management LLC increased its position in shares of Unit by 72.0% during the fourth quarter. Millennium Management LLC now owns 74,805 shares of the oil and gas company’s stock worth $1,068,000 after acquiring an additional 31,309 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of Unit by 394.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 19,865 shares of the oil and gas company’s stock worth $284,000 after acquiring an additional 15,851 shares in the last quarter. Hedge funds and other institutional investors own 86.71% of the company’s stock.
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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