QEP Resources Inc. (QEP) Trading Up 4.4%
QEP Resources Inc. (NYSE:QEP) shares were up 4.4% on Monday . The company traded as high as $20.16 and last traded at $20.00, with a volume of 1,768,090 shares trading hands. The stock had previously closed at $19.15.
A number of research analysts recently weighed in on QEP shares. Wells Fargo & Co. reaffirmed a “market perform” rating on shares of QEP Resources in a research report on Wednesday, July 6th. BMO Capital Markets raised shares of QEP Resources from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $18.00 to $24.00 in a report on Monday, July 18th. They noted that the move was a valuation call. FBR & Co started coverage on shares of QEP Resources in a report on Thursday, July 21st. They set a “market perform” rating and a $19.00 target price for the company. KLR Group reaffirmed a “buy” rating and set a $32.00 target price (up previously from $31.00) on shares of QEP Resources in a report on Tuesday, August 2nd. Finally, Drexel Hamilton assumed coverage on shares of QEP Resources in a report on Tuesday, June 7th. They set a “buy” rating and a $33.00 target price for the company. Two 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. QEP Resources has an average rating of “Buy” and an average price target of $22.47.
The firm has a 50-day moving average price of $18.02 and a 200 day moving average price of $15.74. The firm’s market capitalization is $4.80 billion.
QEP Resources (NYSE:QEP) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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. QEP Resources’s revenue for the quarter was down 41.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 EPS. Equities research analysts expect that QEP Resources Inc. will post ($1.18) EPS for the current fiscal year.
In related news, CEO Charles B. Stanley acquired 16,763 shares of the business’s stock in a transaction that occurred on Thursday, June 30th. The stock was bought at an average cost of $17.85 per share, for a total transaction of $299,219.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Other hedge funds and institutional investors have bought and sold shares of the company. Cornerstone Capital Management Holdings LLC. increased its position in QEP Resources by 267.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 119,484 shares of the company’s stock valued at $1,601,000 after buying an additional 86,948 shares during the last quarter. Comerica Bank boosted its stake in shares of QEP Resources by 3.3% in the fourth quarter. Comerica Bank now owns 123,278 shares of the company’s stock valued at $1,474,000 after buying an additional 3,979 shares during the period. Finally, I.G. Investment Management LTD. purchased a new stake in shares of QEP Resources during the fourth quarter valued at about $2,345,000.
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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