NEW YORK ( TheStreet) -- Unit Corporation (NYSE: UNT) hit a new 52-week high Friday as it traded at $58.11 compared with its previous 52-Week high of $57.77. Unit is changing hands at $57.70 with 54,199 shares traded as of 10:26 a.m. ET. Average volume has been 310,000 shares over the past 30 days. Unit has a market cap of $2.7 billion and is part of the basic materials sector and energy industry. Shares are up 22.3% year to date as of the close of trading on Thursday. Unit Corporation operates as a contract drilling company. The company operates in three segments: Contract Drilling, Oil and Natural Gas, and Mid-Stream. The Contract Drilling segment engages in the land contract drilling of natural gas and oil wells. The company has a P/E ratio of 20.2, below the average energy industry P/E ratio of 20.4 and below the S&P 500 P/E ratio of 23.4. TheStreet Ratings rates Unit as a buy. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Unit Ratings Report. See all 52-week high stocks or get investment ideas from our investment research center.