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Fly News Breaks for January 6, 2020
UNT
Jan 6, 2020 | 09:02 EDT
Raymond James analyst Praveen Narra downgraded Unit Corp. to Underperform from Market Perform. In a research note to investors, Narra says that while he does look highly on Unit's long-term leverage to commodity upside, he is bearish on the medium-term outlook on the shares due to Unit's higher mix of SCR rigs in its fleet, as well as the importance of ongoing debt maturity transformations. Given his shift to strip pricing and the weakness in commodity prices, Narra is downgrading the shares.
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