UPDATE: Canaccord Genuity Initiates Coverage on Unit Corporation with Hold Rating, $49 PT on Mixed Factors

In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on

with a Hold rating and $49.00 price target. In the report, Canaccord Genuity noted, “UNT's integrated approach in three business lines should continue to serve it well. Its strategic shift to greater higher-margin oil and NGLs in its E&P segment is working well. However, its large presence in land drilling could remain challenged through 2015. This could be a modest drag on future earnings.” Unit Corporation closed on Monday at $45.47.