What’s Ahead for Unit Corporation (UNT) After Forming Wedge Up?

October 2, 2018 - By Vivian Park

Investors sentiment increased to 1.33 in 2018 Q2. Its up 0.11, from 1.22 in 2018Q1. It improved, as 22 investors sold Unit Corporation shares while 44 reduced holdings. 33 funds opened positions while 55 raised stakes. 50.72 million shares or 3.92% more from 48.81 million shares in 2018Q1 were reported.
Texas Permanent School Fund has invested 0.01% in Unit Corporation (NYSE:UNT). 62,781 were accumulated by Systematic Lp. Mackay Shields Limited Liability Corporation reported 42,800 shares stake. Jpmorgan Chase holds 0% or 671,457 shares in its portfolio. Comerica National Bank has invested 0.01% of its portfolio in Unit Corporation (NYSE:UNT). Morgan Stanley holds 134,030 shares. Adams Diversified Equity Fund Incorporated invested in 0.04% or 27,300 shares. Public Employees Retirement Association Of Colorado stated it has 0% in Unit Corporation (NYSE:UNT). Swiss National Bank invested 0% of its portfolio in Unit Corporation (NYSE:UNT). 260,413 are held by Panagora Asset. Profund Advsr Limited stated it has 9,899 shares. Moreover, Price T Rowe Associates Inc Md has 0% invested in Unit Corporation (NYSE:UNT) for 70,400 shares. Peak6 Invs Lp has invested 0% in Unit Corporation (NYSE:UNT). Royal National Bank & Trust Of Canada invested 0% of its portfolio in Unit Corporation (NYSE:UNT). Fmr Limited holds 0.02% of its portfolio in Unit Corporation (NYSE:UNT) for 6.52 million shares.

Since September 13, 2018, it had 0 buys, and 2 selling transactions for $637,907 activity.

The stock of Unit Corporation (UNT) formed an up wedge with $27.96 target or 5.00 % above today’s $26.63 share price. The 8 months wedge indicates low risk for the $1.44 billion company. If the $27.96 price target is reached, the company will be worth $72.00 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 2.19% or $0.57 during the last trading session, reaching $26.63. About 228,780 shares traded. Unit Corporation (NYSE:UNT) has risen 57.98% since October 2, 2017 and is uptrending. It has outperformed by 42.36% the S&P500.

Analysts await Unit Corporation (NYSE:UNT) to report earnings on November, 1. They expect $0.19 EPS, up 90.00 % or $0.09 from last year’s $0.1 per share. UNT’s profit will be $10.27M for 35.04 P/E if the $0.19 EPS becomes a reality. After $0.21 actual EPS reported by Unit Corporation for the previous quarter, Wall Street now forecasts -9.52 % negative EPS growth.

Unit Corporation, together with its subsidiaries, operates as an oil and natural gas contract drilling firm primarily in the United States. The company has market cap of $1.44 billion. The firm operates through three divisions: Oil and Natural Gas, Contract Drilling, and Mid-Stream. It has a 13.09 P/E ratio. The Oil and Natural Gas segment acquires, explores, develops, and produces oil and natural gas properties primarily located in Oklahoma and Texas, as well as in Arkansas, Colorado, Kansas, Louisiana, Mississippi, Montana, New Mexico, North Dakota, Utah, and Wyoming.

Unit Corporation (NYSE:UNT) Institutional Positions Chart

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