Watch List: Unit Corp.(UNTC) Q4 Results - March 18

[dan_s]

Unit Corp. has been on my Watch List for several months. Now that I am gaining ground on my long To Do List, I will take a hard look at UNTC in early April and publish a profile on it. The Company's 2023 results were FANTASTIC!

Based on the last paragraph below, the 2024 dividend yield is 13.4%.

At the time of this post UNTC was trading for $37.20
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TULSA, Okla., March 14, 2024--(BUSINESS WIRE)--On March 14, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the twelve months ended December 31, 2023 with OTC Markets Group Inc. (OTC). The Company’s current, quarterly, and annual reports may be accessed on the OTC’s website at https://www.otcmarkets.com/stock/UNTC/disclosure, as well as the Company’s website at https://unitcorp.com/investor-relations/otc-sec-filings/.

Fourth Quarter and Year End Results

Net income attributable to Unit Corporation for the three months ended December 31, 2023 was $57.4 million, or $5.79 per diluted share, compared to $59.3 million, or $6.07 per diluted share, for the three months ended December 31, 2022. Total revenues for the three months ended December 31, 2023 was $74.6 million, compared to $102.3 million for the three months ended December 31, 2022.

For the twelve months ended December 31, 2023, net income attributable to Unit Corporation was $248.9 million, or $25.32 per diluted share, compared to $148.4 million, or $14.78 per diluted share, for the twelve months ended December 31, 2022. Total revenues for the twelve months ended December 31, 2023 was $327.3 million, compared to $545.5 million for the twelve months ended December 31, 2022.

"This was an important year for Unit as we paid a total of $37.50 per share in cash dividends during 2023, returning cash to shareholders that had been generated from our past operations as well as from divestitures of certain non-core assets," stated Phil Frohlich, the Company’s Chief Executive Officer. "Looking forward, we expect to continue to return value to shareholders through future quarterly cash dividends, as well as through additional future special cash dividends if deemed appropriate based on future results and circumstances."

The Company announced on March 7, 2024 that a quarterly cash dividend of $1.25 per share had been declared for the first quarter of 2024, to be paid on March 28, 2024 to shareholders of record as of the close of business on March 18, 2024. The Company also announced that it plans on approving a quarterly cash dividend of $1.25 per share for the second, third, and fourth quarters of 2024.

[Lbark]

i posted last year on it when Rich Howe of Stockspinoff investing recommended it. Last year i received over 22.00/sh in dividends and the year before it was over 10.00 Interested in your take on it for i have enjoyed the divdidends and know they are slowly liquidating.