Short Interest in Unit Co. (NYSE:UNT) Increases By 9.1%

Unit Co. (NYSE:UNT) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 5,730,000 shares, an increase of 9.1% from the September 30th total of 5,250,000 shares. Based on an average daily volume of 1,030,000 shares, the short-interest ratio is presently 5.6 days. Approximately 10.8% of the shares of the company are short sold.

Several brokerages have commented on UNT. ValuEngine upgraded Unit from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 1st. Raymond James downgraded Unit from an “outperform” rating to a “market perform” rating in a report on Friday, November 8th. Finally, Zacks Investment Research downgraded Unit from a “hold” rating to a “strong sell” rating in a report on Saturday, October 19th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $19.00.

Shares of UNT stock opened at $0.87 on Monday. Unit has a 12 month low of $0.75 and a 12 month high of $22.75. The company has a current ratio of 0.68, a quick ratio of 0.67 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $2.46 and its two-hundred day moving average is $6.04.

Unit (NYSE:UNT) last posted its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.06). Unit had a negative net margin of 40.93% and a negative return on equity of 0.67%. The business had revenue of $155.44 million during the quarter, compared to the consensus estimate of $160.87 million. During the same period in the prior year, the company posted $0.30 earnings per share. The firm’s revenue was down 29.4% compared to the same quarter last year. As a group, research analysts forecast that Unit will post -0.61 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Corient Capital Partners LLC bought a new stake in shares of Unit in the third quarter valued at approximately $36,000. WealthTrust Axiom LLC boosted its position in shares of Unit by 145.9% in the third quarter. WealthTrust Axiom LLC now owns 93,022 shares of the oil and gas company’s stock valued at $314,000 after acquiring an additional 55,200 shares during the period. First Trust Advisors LP boosted its position in shares of Unit by 110.4% in the third 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 period. Chicago Equity Partners LLC boosted its position in shares of Unit by 47.1% in the third quarter. Chicago Equity Partners LLC now owns 252,081 shares of the oil and gas company’s stock valued at $852,000 after acquiring an additional 80,690 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Unit by 11.2% in the third quarter. Rhumbline Advisers now owns 199,274 shares of the oil and gas company’s stock valued at $674,000 after acquiring an additional 20,060 shares during the period. 86.37% of the stock is owned by institutional investors.

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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