Unit Corp (NYSE:UNT) was downgraded from Strong Buy to Market Perform at Raymond James today. The stock closed yesterday at $40.37 on volume of 393,000 shares, above average daily volume of 289,000.Over the past year, Unit Corp has traded in a range of $33.56 to $63.58 and closed yesterday at $40.39, 20% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.6%.Potential upside of 54.7% exists for Unit Corp, based on a current level of $40.39 and analysts’ average consensus price target of $62.50. The stock should run into initial resistance at its 50-day moving average (MA) of $45.75 and subsequent resistance at its 200-day MA of $47.71.
