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. Its Oil and Natural Gas operations are carried out by its subsidiary Unit Petroleum Company. Contract Drilling operations are carried out by its subsidiary Unit Drilling Company. Its drills onshore oil and natural gas wells for its own account, as well as for other oil and natural gas companies. Its Mid-Stream operations are carried out by its subsidiary Superior Pipeline Company, L.L.C. Its mid-stream operations consist of buying, selling, gathering, processing and treating natural gas.
Industry, Sector and Symbol:
- Sector: Oils/Energy
- Industry: Oil & Gas Drilling & Exploration
- Sub-Industry: Oil & Gas Drilling
- Symbol: NYSE:UNT
- CUSIP: 90921810
- Web: www.unitcorp.com
- Market Cap: $1.05 billion
- Outstanding Shares: 52,823,000
- 50 Day Moving Avg: $21.28
- 200 Day Moving Avg: $23.96
- 52 Week Range: $11.06 - $30.63
Sales & Book Value:
- Trailing P/E Ratio: N/A
- Foreward P/E Ratio: 11.09
- P/E Growth: 0.45
- Annual Revenue: $641.72 million
- Price / Sales: 1.63
- Book Value: $23.32 per share
- Price / Book: 0.85
- EBIDTA: $242.23 million
- Net Margins: -74.42%
- Return on Equity: -2.61%
- Return on Assets: -1.24%
- Debt-to-Equity Ratio: 0.72%
- Current Ratio: 0.69%
- Quick Ratio: 0.66%
- Average Volume: 723,064 shs.
- Beta: 2.41
- Short Ratio: 8.38
Frequently Asked Questions for Unit (NYSE:UNT)
What is Unit's stock symbol?
Unit trades on the New York Stock Exchange (NYSE) under the ticker symbol "UNT."
How were Unit's earnings last quarter?
Unit Co. (NYSE:UNT) announced its quarterly earnings data on Thursday, May, 4th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $0.23 by $0.08. The firm earned $175.70 million during the quarter, compared to analysts' expectations of $177.58 million. Unit had a negative net margin of 74.42% and a negative return on equity of 2.61%. The company's revenue for the quarter was up 29.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.41) EPS. View Unit's Earnings History.
When will Unit make its next earnings announcement?
Where is Unit's stock going? Where will Unit's stock price be in 2017?
4 analysts have issued 1 year price targets for Unit's shares. Their predictions range from $21.00 to $30.00. On average, they anticipate Unit's share price to reach $25.50 in the next twelve months. View Analyst Ratings for Unit.
What are analysts saying about Unit stock?
Here are some recent quotes from research analysts about Unit stock:
- 1. According to Zacks Investment Research, "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. " (5/10/2017)
- 2. National Securities analysts commented, "What Happened:
• Unit produced slightly less than we projected on the quarter, but stayed in line with its band of guidance. Specifically, the company finished 1Q17 at 41.5 thousand barrels of oil equivalent (Mboe) per day (down 9% from prior quarter), and 4% shy of our own estimates (43.0 Mboe/d). In regards to Unit’s midstream segment, the company saw an 8% contraction in gas gathered, in addition to a 10% decline in gas processed, over the same time period. Despite the aforementioned declines, Unit still managed a slight (1%) increase in total revenue, driven in large measure by higher realized prices.
• To that point, Unit earned $48.68 per barrel (bbl) of oil in 1Q, 6% higher than the prior quarter and essentially in line with our projection of $48.53. Natural gas prices were 13% stronger on a sequential basis, while natural gas liquids (NGL’s) led the pack with a 22% improvement.
• In looking to Unit’s contract drilling segment, the active rig count increased to 25.5, from 19.5 contracted rigs in 4Q16. We did however note a weakening in day rates, with Unit earning $15,835 per day, versus our estimate of $16,800 and $16,866 in the previous quarter.
• In our view, Unit continues to be hampered more by external (i.e. global oil and gas prices) factors, than by internal operations. Despite having 3 distinct business segments (and thus a diversification of revenue sources), the risk attributable to each is highly correlated in our view. Thus as downturns occur across the oil and gas space, Unit is vulnerable to see downturns across all three fronts.
• Still, we contend that Unit’s approach to managing risk, shielded the firm well during the past 18-24 month downturn in global oil prices. We point specifically to its measured approach to production growth, along with what we consider to be a solid balance sheet. Specifically, Unit’s net debt to total capital ratio remains below 40%, while its interest coverage ration exceeds 7.5x by our calculation. Finally, we anticipate that Unit will continue to keep spending levels within its operating cash flows.
• We do not think that we are out of the woods yet as it relates to pricing. In fact, investors should be aware of a recent retracement in West Texas Intermediate (WTI) oil prices to $45 per barrel. In candor, the recent behavior in oil prices (i.e. a series of lower highs before this recent downturn), gives us pause. Additionally, recent data from the Energy Information Administration (EIA), implies that oil inventories remain near the upper limit of historic averages. Still we contend that Unit should be able to weather another leg down, given its aforementioned balance sheet. Moreover, we expect that Unit will be opportunistic in adding to its hedge book to protect against further price declines.
• We get the sense from management statements that each of Unit’s segments are entering the beginning stages of “growth mode”. Indeed, we made note of the uptick in contracted rigs in 1Q17, and expect an additional increase in the upcoming quarter as well. As it relates to production, we expect sequential increases for the remainder of 2017.
• We reiterate our BUY rating, and maintain our $30 price target. We arrive at our price target, using our internal sum of the parts NAV calculation for Unit’s upstream assets. Additionally, we value Unit’s drilling company and midstream operations using a multiple of projected EBITDA from each respective unit. Finally, we make adjustments for balance sheet data, along with the value of undeveloped acreage.
Who are some of Unit's key competitors?
Some companies that are related to Unit include Enerplus Corp (ERF), Diamond Offshore Drilling (DO), Rowan Companies PLC (RDC), Advantage Oil & Gas Ltd (AAV), Noble (NE), Penn West Petroleum Ltd (PWE), Atwood Oceanics (ATW), SandRidge Energy (SD), Halcon Resources (HK), Geopark Ltd (GPRK), Pengrowth Energy Corp (PGH), Seadrill Partners LLC (SDLP), W&T Offshore (WTI), Seadrill Ltd (SDRL), Bill Barrett (BBG), Pioneer Energy Services Corp (PES), Independence Contract Drilling (ICD) and EV Energy Partners, L.P. (EVEP).
Who owns Unit stock?
Unit's stock is owned by a variety of of institutional and retail investors. Top institutional shareholders include BlackRock Inc. (13.24%), FMR LLC (12.83%), Vanguard Group Inc. (11.77%), Dimensional Fund Advisors LP (6.16%), Victory Capital Management Inc. (4.80%) and State Street Corp (3.18%). Company insiders that own Unit stock include G Bailey Iv Peyton, Gary R Christopher, John G Nikkel, Larry C Payne and Larry D Pinkston. View Institutional Ownership Trends for Unit.
Who sold Unit stock? Who is selling Unit stock?
Unit's stock was sold by a variety of institutional investors in the last quarter, including Teachers Advisors LLC, Bank of New York Mellon Corp, Acadian Asset Management LLC, Morgan Stanley, California Public Employees Retirement System, Heartland Advisors Inc., Morgan Dempsey Capital Management LLC and Royce & Associates LP. View Insider Buying and Selling for Unit.
Who bought Unit stock? Who is buying Unit stock?
Unit's stock was purchased by a variety of institutional investors in the last quarter, including BlackRock Inc., Vanguard Group Inc., Dimensional Fund Advisors LP, Wells Fargo & Company MN, Prudential Financial Inc., American Century Companies Inc., TIAA CREF Investment Management LLC and Boston Advisors LLC. Company insiders that have bought Unit stock in the last two years include G Bailey Iv Peyton, Gary R Christopher, John G Nikkel, Larry C Payne and Larry D Pinkston. View Insider Buying and Selling for Unit.
How do I buy Unit stock?
Shares of Unit can be purchased through any online brokerage account. Popular online brokerages include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Scottrade, Fidelity and Charles Schwab.
How much does a share of Unit stock cost?
One share of Unit stock can currently be purchased for approximately $19.85.
Earnings History for Unit (NYSE:UNT)Earnings History by Quarter for Unit (NYSE:UNT)
(Data available from 1/1/2011 forward)
|Date||Quarter||Consensus Estimate||Actual EPS||Revenue Estimate||Actual Revenue||Release Link||Conference Call||Details|
|8/2/2017|| || || || || || || || |
|5/4/2017||Q1 2017||$0.23||$0.15||$177.58 million||$175.70 million||View||Listen|
|2/23/2017||Q4 2016||$0.07||$0.23||$168.29 million||$174.30 million||View||N/A|
|11/3/2016||Q3 16||($0.08)||$0.04||$152.05 million||$153.40 million||View||N/A|
|8/4/2016||Q2||($0.22)||($0.15)||$131.05 million||$138.30 million||View||N/A|
|5/5/2016||Q1||($0.40)||($0.41)||$157.08 million||$136.20 million||View||N/A|
|2/25/2016||Q415||($0.20)||($0.14)||$179.34 million||$172.30 million||View||Listen|
|11/3/2015||Q315||($0.28)||$0.03||$204.75 million||$212.40 million||View||N/A|
|8/4/2015||Q2||($0.18)||($0.12)||$224.50 million||$214.50 million||View||N/A|
|5/7/2015||Q1 15||($0.16)||$0.08||$262.75 million||$255.10 million||View||N/A|
|2/24/2015||Q414||$0.82||$0.80||$408.20 million||$378.55 million||View||N/A|
|11/4/2014||Q314||$1.09||$1.37||$410.98 million||$401.00 million||View||N/A|
|8/5/2014||Q214||$1.15||$1.13||$398.93 million||$405.40 million||View||N/A|
|5/8/2014||$1.14||$1.29||$379.30 million||$387.99 million||View||N/A|
|11/5/2013||Q313||$1.00||$0.85||$341.92 million||$333.78 million||View||N/A|
|8/6/2013||Q2 2013||$0.93||$1.01||$331.41 million||$340.42 million||View||N/A|
|5/7/2013||Q1 2013||$0.88||$0.92||$330.53 million||$318.53 million||View||N/A|
|11/1/2012||Q312||$0.96||$0.97||$327.88 million||$317.80 million||View||N/A|
Earnings Estimates for Unit (NYSE:UNT)
2017 EPS Consensus Estimate: $0.91
(Data provided by Zacks Investment Research)
|Quarter||Number of Estimates||Low Estimate||High Estimate||Average Estimate|
Dividend History for Unit (NYSE:UNT)
No dividend announcements for this company have been tracked by MarketBeat.com
Insider Trading and Institutional Ownership History for Unit (NYSE:UNT)
Insider Ownership Percentage: 3.20%Insider Trades by Quarter for Unit (NYSE:UNT)
Institutional Ownership Percentage: 95.56%
(Data available from 1/1/2013 forward)
|Transaction Date||Insider Name||Title||Buy/Sell||Number of Shares||Average Share Price||Total Transaction||Details|
|3/1/2016||John G Nikkel||Director||Buy||2,000||$5.72||$11,440.00|| |
|1/22/2016||John G Nikkel||Director||Buy||2,000||$8.62||$17,240.00|| |
|9/11/2015||Larry C Payne||Director||Buy||2,000||$11.31||$22,620.00|| |
|8/18/2015||G Bailey Iv Peyton||Director||Buy||6,000||$14.99||$89,940.00|| |
|8/17/2015||Gary R Christopher||Director||Buy||10,000||$15.21||$152,100.00|| |
|7/21/2015||G Bailey Iv Peyton||Director||Buy||3,000||$22.50||$67,500.00|| |
|6/19/2015||Larry D Pinkston||CEO||Buy||3,500||$28.84||$100,940.00|| |
|6/18/2015||G Bailey Iv Peyton||Director||Buy||3,000||$29.00||$87,000.00|| |
|4/20/2015||Mark E Schell||General Counsel||Sell||5,500||$31.15||$171,325.00|| |
|3/26/2015||Robert Parks||Insider||Sell||10,590||$27.61||$292,389.90|| |
|12/17/2014||John G Nikkel||Director||Buy||11,000||$33.16||$364,760.00|| |
|12/2/2014||G Bailey Iv Peyton||Director||Buy||3,000||$37.00||$111,000.00|| |
|4/8/2014||Robert Parks||Insider||Sell||6,931||$63.65||$441,158.15|| |
|4/2/2014||John Nikkel||Director||Sell||10,150||$65.36||$663,404.00|| |
|3/21/2014||King Kirchner||Director||Sell||7,000||$63.23||$442,610.00|| |
|3/6/2014||J Michael Adcock||Director||Sell||7,000||$61.02||$427,140.00|| |
|2/28/2014||William Morgan||Director||Sell||3,500||$61.30||$214,550.00|| |
|12/19/2013||John Cromling||EVP||Sell||9,176||$50.45||$462,929.20|| |
|10/11/2013||Mark Schell||General Counsel||Sell||3,919||$48.28||$189,209.32|| |
|5/17/2013||Mark E Schell||General Counsel||Sell||4,500||$46.50||$209,250.00|| |
|11/15/2012||John G Nikkel||Director||Sell||6,874||$40.55||$278,740.70|| |
Headline Trends for Unit (NYSE:UNT)
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Unit (UNT) Chart for Thursday, May, 25, 2017