UBS Asset Management Americas Inc. Boosts Stake in QEP Resources Inc. (QEP)
UBS Asset Management Americas Inc. boosted its position in QEP Resources Inc. (NYSE:QEP) by 5.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 270,039 shares of the company’s stock after buying an additional 13,928 shares during the period. UBS Asset Management Americas Inc. owned about 0.11% of QEP Resources worth $4,761,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of QEP Resources by 33.9% in the first quarter. Wellington Management Group LLP now owns 27,715,828 shares of the company’s stock worth $391,071,000 after buying an additional 7,013,529 shares in the last quarter. Norges Bank purchased a new stake in shares of QEP Resources during the fourth quarter worth approximately $34,055,000. Renaissance Technologies LLC boosted its stake in shares of QEP Resources by 314.5% in the first quarter. Renaissance Technologies LLC now owns 2,436,700 shares of the company’s stock worth $34,382,000 after buying an additional 1,848,900 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of QEP Resources by 13,455.1% in the second quarter. Acadian Asset Management LLC now owns 1,823,566 shares of the company’s stock worth $32,152,000 after buying an additional 1,810,113 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of QEP Resources by 299.7% in the second quarter. JPMorgan Chase & Co. now owns 1,885,066 shares of the company’s stock worth $33,235,000 after buying an additional 1,413,476 shares in the last quarter. 87.51% of the stock is owned by institutional investors.
QEP Resources Inc. (NYSE:QEP) traded up 0.78% during midday trading on Friday, reaching $19.48. The company’s stock had a trading volume of 1,884,518 shares. The firm’s market capitalization is $4.67 billion. The company’s 50-day moving average is $18.88 and its 200 day moving average is $17.42. QEP Resources Inc. has a 52 week low of $8.54 and a 52 week high of $20.96.
QEP Resources (NYSE:QEP) last announced its earnings results on Wednesday, July 27th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.12. QEP Resources had a negative net margin of 67.39% and a negative return on equity of 4.04%. The business earned $333.70 million during the quarter, compared to the consensus estimate of $362.17 million. During the same quarter in the prior year, the firm earned $0.09 earnings per share. The business’s quarterly revenue was down 41.9% compared to the same quarter last year. Analysts expect that QEP Resources Inc. will post ($1.19) earnings per share for the current fiscal year.
QEP has been the subject of a number of research reports. Wells Fargo & Co. reaffirmed a “market perform” rating on shares of QEP Resources in a research report on Wednesday, July 6th. BMO Capital Markets upgraded QEP Resources from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $18.00 to $24.00 in a research note on Monday, July 18th. They noted that the move was a valuation call. FBR & Co began coverage on QEP Resources in a research note on Thursday, July 21st. They set a “market perform” rating and a $19.00 price objective for the company. KLR Group reiterated a “buy” rating and set a $32.00 price objective (up previously from $31.00) on shares of QEP Resources in a research note on Tuesday, August 2nd. Finally, Drexel Hamilton began coverage on QEP Resources in a research note on Tuesday, June 7th. They set a “buy” rating and a $33.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $22.14.
QEP Resources Company Profile
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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