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Fly News Breaks for March 27, 2018
UNT
Mar 27, 2018 | 07:39 EDT
As reported earlier, SunTrust analyst Neal Dingmann downgraded Unit Corp to Hold from Buy and lowered his price target to $22 from $27. The analyst points to the company's valuation of 5-times enterprise value to expected FY19 EBITDA relative to 4.3-times for its closest E&P and drilling peers. Dingmann also notes that while Unit's upstream program is "relatively balanced", he would prefer more Drilling & Completions in the STACK sites. The analyst anticipates "moderate" output growth based on the company's expected capital conservatism.
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