UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Unit Corporation on Lower 4Q12 Production

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Unit Corporation

, but lowered its price target from $59.00 to $55.00. Canaccord Genuity noted, “We are lowering our target price $4 to $55 per share due to ~4% lower 4Q/12 production, ~10% lower capital spending and slightly lower capital productivity partly offset by higher liquids price realizations. In '13, we anticipate drilling fleet utilization averages ~54% and drilling margins approximate 40%. Our '12 E&P production expectation of 16.6 Mmboe is fractionally above company guidance (16-16.5 Mmboe).” Unit Corporation closed on Tuesday at $47.98.