Evercore ISI Begins Coverage on QEP Resources Inc. (QEP)
QEP has been the topic of a number of other reports. KLR Group reaffirmed a buy rating and set a $27.00 price objective (up from $25.00) on shares of QEP Resources in a research report on Thursday, June 30th. FBR & Co reaffirmed a marketperform rating on shares of QEP Resources in a research report on Wednesday, July 20th. Mizuho began coverage on shares of QEP Resources in a research report on Wednesday, October 5th. They set a buy rating and a $24.00 price objective on the stock. Barclays PLC boosted their price objective on shares of QEP Resources from $13.00 to $17.00 and gave the company an equal weight rating in a research report on Thursday, July 14th. Finally, Zacks Investment Research downgraded shares of QEP Resources from a buy rating to a hold rating in a research report on Tuesday, September 20th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $22.38.
Shares of QEP Resources (NYSE:QEP) opened at 18.38 on Friday. QEP Resources has a 12 month low of $8.54 and a 12 month high of $20.96. The firm’s market cap is $4.40 billion. The company’s 50-day moving average is $18.62 and its 200-day moving average is $17.77.
QEP Resources (NYSE:QEP) last announced its quarterly earnings data on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, beating the Zacks’ 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 firm had revenue of $333.70 million for the quarter, compared to the consensus estimate of $362.17 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The firm’s revenue was down 41.9% on a year-over-year basis. On average, equities research analysts forecast that QEP Resources will post ($1.19) earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in QEP. Norges Bank bought a new position in QEP Resources during the fourth quarter valued at approximately $34,055,000. Texas Permanent School Fund boosted its position in QEP Resources by 14.7% in the first quarter. Texas Permanent School Fund now owns 152,564 shares of the company’s stock valued at $2,153,000 after buying an additional 19,514 shares during the last quarter. Pacad Investment Ltd. bought a new position in QEP Resources during the first quarter valued at approximately $283,000. Ngam Advisors L.P. boosted its position in QEP Resources by 11.9% in the first quarter. Ngam Advisors L.P. now owns 134,000 shares of the company’s stock valued at $1,891,000 after buying an additional 14,290 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in QEP Resources by 110.7% in the first quarter. TIAA CREF Investment Management LLC now owns 1,047,334 shares of the company’s stock valued at $14,778,000 after buying an additional 550,264 shares during the last quarter. Hedge funds and other institutional investors own 87.51% of the company’s stock.
About QEP Resources
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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