QEP Resources, Inc. (QEP) Stock Price Down 6.6%
QEP Resources, Inc. (NYSE:QEP) shares fell 6.6% during mid-day trading on Friday . The stock traded as low as $7.08 and last traded at $7.21. 5,494,398 shares changed hands during trading, a decline of 4% from the average session volume of 5,752,440 shares. The stock had previously closed at $7.72.
Several brokerages have issued reports on QEP. BidaskClub upgraded QEP Resources from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Credit Suisse Group assumed coverage on shares of QEP Resources in a research note on Thursday, June 1st. They set a “neutral” rating and a $15.00 price target for the company. BMO Capital Markets reaffirmed a “buy” rating and set a $11.00 price target on shares of QEP Resources in a research note on Tuesday, June 27th. Wolfe Research assumed coverage on shares of QEP Resources in a research note on Thursday, June 15th. They set a “market perform” rating for the company. Finally, Deutsche Bank AG downgraded shares of QEP Resources from a “buy” rating to a “hold” rating and decreased their price target for the company from $18.00 to $13.00 in a research note on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $16.53.
The firm’s market capitalization is $1.73 billion. The company has a 50-day moving average price of $7.75 and a 200 day moving average price of $10.47.
QEP Resources (NYSE:QEP) last issued its quarterly earnings results on Wednesday, July 26th. The pipeline company reported ($0.12) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.08. QEP Resources had a negative net margin of 3.90% and a negative return on equity of 4.24%. The company had revenue of $383.70 million during the quarter, compared to analysts’ expectations of $413.27 million. During the same quarter last year, the company posted ($0.23) EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. On average, analysts forecast that QEP Resources, Inc. will post ($0.60) EPS for the current fiscal year.
In other news, Director David A. Trice acquired 25,000 shares of QEP Resources stock in a transaction dated Thursday, August 17th. The shares were acquired at an average cost of $7.20 per share, for a total transaction of $180,000.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at $288,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Julie Dill acquired 5,000 shares of QEP Resources stock in a transaction dated Friday, July 28th. The stock was purchased at an average price of $8.49 per share, for a total transaction of $42,450.00. Following the completion of the acquisition, the director now directly owns 5,525 shares in the company, valued at approximately $46,907.25. The disclosure for this purchase can be found here. Insiders acquired a total of 42,500 shares of company stock valued at $321,325 in the last three months. 1.36% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Commerce Bank acquired a new stake in shares of QEP Resources in the 2nd quarter valued at $102,000. Suntrust Banks Inc. raised its holdings in shares of QEP Resources by 5.8% in the 2nd quarter. Suntrust Banks Inc. now owns 13,536 shares of the pipeline company’s stock valued at $135,000 after purchasing an additional 748 shares in the last quarter. Pitcairn Co. raised its holdings in shares of QEP Resources by 4.3% in the 2nd quarter. Pitcairn Co. now owns 13,512 shares of the pipeline company’s stock valued at $136,000 after purchasing an additional 563 shares in the last quarter. Flinton Capital Management LLC raised its holdings in shares of QEP Resources by 4.4% in the 1st quarter. Flinton Capital Management LLC now owns 13,040 shares of the pipeline company’s stock valued at $166,000 after purchasing an additional 544 shares in the last quarter. Finally, Parkwood LLC acquired a new stake in shares of QEP Resources in the 2nd quarter valued at $191,000. Institutional investors and hedge funds own 93.21% of the company’s stock.
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QEP Resources Company Profile
QEP Resources, Inc is an independent crude oil and natural gas exploration and production company. The Company focuses on two regions of the United States: the Northern Region (primarily in North Dakota, Wyoming and Utah) and the Southern Region (primarily in Texas and Louisiana). The Company conducts exploration and production activities in North America’s hydrocarbon resource plays.
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