QEP Resources Inc. (QEP) Trading Down 5.1%
Shares of QEP Resources Inc. (NYSE:QEP) fell 5.1% during mid-day trading on Monday . The stock traded as low as $17.22 and last traded at $17.28, with a volume of 2,466,298 shares trading hands. The stock had previously closed at $18.20.
Several brokerages have recently issued reports on QEP. Drexel Hamilton began coverage on QEP Resources in a research note on Tuesday, June 7th. They issued a “buy” rating and a $33.00 price objective on the stock. Simmons upgraded QEP Resources from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $20.00 to $24.00 in a research note on Wednesday, June 15th. Piper Jaffray Cos. upgraded QEP Resources from a “neutral” rating to an “overweight” rating in a research note on Tuesday, June 14th. Deutsche Bank AG increased their price objective on QEP Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. Finally, Cantor Fitzgerald reiterated a “buy” rating on shares of QEP Resources in a research note on Sunday, May 22nd. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $22.53.
The stock has a 50-day moving average price of $17.87 and a 200-day moving average price of $15.12. The company’s market cap is $4.13 billion.
QEP Resources (NYSE:QEP) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.12. The business had revenue of $333.70 million for the quarter, compared to analysts’ expectations of $362.17 million. During the same period last year, the company posted $0.09 earnings per share. The firm’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, equities research analysts expect that QEP Resources Inc. will post ($1.30) EPS for the current year.
In other QEP Resources news, CEO Charles B. Stanley purchased 16,763 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The stock was purchased at an average cost of $17.85 per share, with a total value of $299,219.55. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.
Other institutional investors have recently bought and sold shares of the company. BOKF NA boosted its position in QEP Resources by 193.8% in the fourth quarter. BOKF NA now owns 74,963 shares of the company’s stock worth $1,004,000 after buying an additional 49,447 shares during the last quarter. Comerica Bank boosted its position in QEP Resources by 3.3% in the fourth quarter. Comerica Bank now owns 123,278 shares of the company’s stock worth $1,474,000 after buying an additional 3,979 shares during the last quarter. Guinness Asset Management Ltd boosted its position in QEP Resources by 0.3% in the fourth quarter. Guinness Asset Management Ltd now owns 294,890 shares of the company’s stock worth $3,952,000 after buying an additional 990 shares during the last quarter. Swiss National Bank boosted its position in QEP Resources by 0.7% in the fourth quarter. Swiss National Bank now owns 232,800 shares of the company’s stock worth $3,120,000 after buying an additional 1,600 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in QEP Resources by 0.3% in the fourth quarter. Rhumbline Advisers now owns 247,541 shares of the company’s stock worth $3,317,000 after buying an additional 706 shares during the last quarter.
QEP Resources, Inc (QEP) is a holding company with two subsidiaries, QEP Energy Company and QEP Marketing Company, which are engaged in two primary lines of business: oil and gas exploration and production (QEP Energy), and oil and gas marketing, operation of a gas gathering system and an underground gas storage facility, and corporate activities (QEP Marketing and Other).
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