About six months ago, I
thought that
Unit Corp. (
UNT)
was undervalued by about 20% to 25% as the company's awkward mix of
E&P, land drilling, and midstream assets led it to being overlooked.
The shares have risen more than 27% since then, with much of that
coming on good fourth quarter results and a significant improvement in
sentiment for land drillers and service providers. Enthusiasm over land
drillers may be getting a little overdone, but Unit still looks too
cheap on a sum-of-the-parts basis and offers worthwhile upside from its
E&P drilling program.
Click the link for more:
Unit Corp. Still Not Getting Its Full Due
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