QEP Resources Inc. (NYSE:QEP)’s share price was up 4% during trading on Wednesday . The stock traded as high as $17.93 and last traded at $17.76, with a volume of 2,436,211 shares changing hands. The stock had previously closed at $17.07.
Several equities analysts have recently commented on QEP shares. Drexel Hamilton started coverage on QEP Resources in a research report on Tuesday, June 7th. They set a “buy” rating and a $33.00 price objective on the stock. 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 report on Tuesday, June 14th. Piper Jaffray Cos. upgraded QEP Resources from a “neutral” rating to an “overweight” rating in a research report on Tuesday, June 14th. 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 report on Wednesday, June 15th. Finally, Cantor Fitzgerald reiterated a “buy” rating on shares of QEP Resources in a research report on Wednesday, June 22nd. Three equities research 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 stock. QEP Resources currently has a consensus rating of “Buy” and an average target price of $22.14.
The stock’s market capitalization is $4.31 billion. The company’s 50-day moving average price is $18.91 and its 200-day moving average price is $17.14.
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QEP Resources (NYSE:QEP) last issued its earnings results on Wednesday, July 27th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.12. QEP Resources had a negative return on equity of 4.04% and a negative net margin of 67.39%. The firm had revenue of $333.70 million for the quarter, compared to analysts’ expectations of $362.17 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The business’s revenue was down 41.9% compared to the same quarter last year. On average, equities analysts expect that QEP Resources Inc. will post ($1.19) earnings per share for the current year.
In other news, CEO Charles B. Stanley bought 16,763 shares of QEP Resources stock in a transaction dated Thursday, June 30th. The shares were purchased at an average cost of $17.85 per share, with a total value of $299,219.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.36% of the stock is owned by insiders.
Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of QEP Resources during the fourth quarter valued at $34,055,000. GW&K Investment Management LLC boosted its stake in shares of QEP Resources by 20.8% in the first quarter. GW&K Investment Management LLC now owns 412,659 shares of the company’s stock valued at $5,823,000 after buying an additional 71,045 shares during the last quarter. Texas Permanent School Fund boosted its stake in shares of 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. Telemus Capital LLC bought a new stake in shares of QEP Resources during the first quarter valued at $1,628,000. Finally, Virginia Retirement System bought a new stake in shares of QEP Resources during the first quarter valued at $4,755,000. 87.51% of the stock is currently owned by hedge funds and other institutional investors.
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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