Will Unit Corporation (UNT) Short Squeeze Soon? The Stock Formed a Bearish H&S Chart Pattern

March 16, 2018 - By Marguerite Chambers

Investors sentiment increased to 1.15 in 2017 Q3. Its up 0.11, from 1.04 in 2017Q2. It increased, as 11 investors sold Unit Corporation shares while 51 reduced holdings. 21 funds opened positions while 50 raised stakes. 49.30 million shares or 2.78% more from 47.97 million shares in 2017Q2 were reported.
35,161 were reported by Metropolitan Life Ins Company Ny. Principal Financial reported 414,607 shares. Zurcher Kantonalbank (Zurich Cantonalbank) reported 1,648 shares. Connor Clark And Lunn Investment Mgmt Ltd stated it has 62,875 shares. Paloma Prns Management Com reported 316,290 shares stake. Ny State Teachers Retirement Systems holds 132,972 shares or 0.01% of its portfolio. California State Teachers Retirement Sys reported 0% of its portfolio in Unit Corporation (NYSE:UNT). Piermont Capital Mngmt holds 0.69% or 101,886 shares in its portfolio. Barclays Public Limited Liability, a United Kingdom-based fund reported 3,514 shares. Legal General Gru Public Limited Company holds 194,874 shares or 0% of its portfolio. Tower Rech Cap Lc (Trc) invested in 0.01% or 5,302 shares. 311,529 are owned by Morgan Stanley. Bankshares Of New York Mellon Corp owns 888,764 shares. Moreover, Arizona State Retirement System has 0.01% invested in Unit Corporation (NYSE:UNT) for 27,449 shares. Adams Diversified Equity Fund Inc holds 0.04% of its portfolio in Unit Corporation (NYSE:UNT) for 38,400 shares.

The stock of Unit Corporation (UNT) formed H&S with $17.34 target or 8.00 % below today’s $18.85 share price. The 6 months Head & Shoulders indicates high risk for the $1000.00 million company. It was reported on Mar, 16 by Faxor.com. If the $17.34 price target is reached, the company will be worth $80.00M less.
Head-and-shoulders are one of the best chart patterns to trade. They work in bear and bull markets and according to many researchers have very low failure rate. Even thought they have high pullback rate, such patters usually provide good risk-reward entry opportunities. The percentage of stocks meeting price targets is 55%.

The stock decreased 4.41% or $0.87 during the last trading session, reaching $18.85. About 360,674 shares traded. Unit Corporation (NYSE:UNT) has risen 62.42% since March 16, 2017 and is uptrending. It has outperformed by 45.72% the S&P500.

Analysts await Unit Corporation (NYSE:UNT) to report earnings on May, 3. They expect $0.32 earnings per share, up 113.33 % or $0.17 from last year’s $0.15 per share. UNT’s profit will be $16.98 million for 14.73 P/E if the $0.32 EPS becomes a reality. After $0.22 actual earnings per share reported by Unit Corporation for the previous quarter, Wall Street now forecasts 45.45 % EPS growth.

Unit Corporation (NYSE:UNT) Ratings Coverage

Among 7 analysts covering Unit (NYSE:UNT), 4 have Buy rating, 0 Sell and 3 Hold. Therefore 57% are positive. Unit had 21 analyst reports since August 17, 2015 according to SRatingsIntel. KLR Group downgraded the stock to “Hold” rating in Monday, November 21 report. The firm earned “Hold” rating on Tuesday, October 17 by KLR Group. On Friday, September 15 the stock rating was maintained by Cowen & Co with “Hold”. SunTrust maintained the stock with “Buy” rating in Thursday, November 2 report. The rating was downgraded by KLR Group to “Hold” on Tuesday, July 25. The stock has “Hold” rating by Cowen & Co on Thursday, October 19. The firm earned “Outperform” rating on Monday, August 17 by Iberia Capital Partners. The stock has “Strong Buy” rating by Raymond James on Friday, May 6. The stock has “Buy” rating by Seaport Global on Friday, June 24. The firm has “Buy” rating by KLR Group given on Wednesday, August 23.

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