QEP Resources Inc. (QEP) Coverage Initiated by Analysts at Mizuho
Several other brokerages have also weighed in on QEP. Cantor Fitzgerald reiterated a buy rating on shares of QEP Resources in a report on Wednesday, June 22nd. KLR Group reiterated a buy rating and set a $32.00 price objective (up from $31.00) on shares of QEP Resources in a report on Tuesday, August 2nd. Barclays PLC upgraded shares of QEP Resources from an equal weight rating to an overweight rating and increased their price objective for the stock from $17.00 to $22.00 in a report on Wednesday, August 3rd. Simmons upgraded shares of QEP Resources from a neutral rating to an overweight rating and increased their price objective for the stock from $20.00 to $24.00 in a report on Wednesday, June 15th. Finally, BMO Capital Markets upgraded shares of QEP Resources from a market perform rating to an outperform rating and increased their price objective 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. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $22.40.
Shares of QEP Resources (NYSE:QEP) traded down 2.85% during midday trading on Wednesday, hitting $18.44. 961,900 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $18.81 and its 200 day moving average price is $17.62. QEP Resources has a one year low of $8.54 and a one year high of $20.96. The firm’s market cap is $4.42 billion.
QEP Resources (NYSE:QEP) last released its earnings results on Wednesday, July 27th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.35) by $0.12. The company had revenue of $333.70 million for the quarter, compared to analyst estimates of $362.17 million. QEP Resources had a negative net margin of 67.39% and a negative return on equity of 4.04%. The firm’s quarterly revenue was down 41.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 EPS. Equities research analysts forecast that QEP Resources will post ($1.19) EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Monarch Partners Asset Management LLC bought a new stake in QEP Resources during the second quarter worth $10,647,000. Artemis Investment Management LLP bought a new stake in QEP Resources during the second quarter worth $13,099,000. State Street Corp increased its stake in QEP Resources by 1.5% in the first quarter. State Street Corp now owns 7,520,916 shares of the company’s stock worth $106,121,000 after buying an additional 113,392 shares during the last quarter. Swiss National Bank increased its stake in QEP Resources by 13.9% in the second quarter. Swiss National Bank now owns 391,342 shares of the company’s stock worth $6,899,000 after buying an additional 47,842 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in QEP Resources by 14.1% in the first quarter. Prudential Financial Inc. now owns 113,947 shares of the company’s stock worth $1,608,000 after buying an additional 14,100 shares during the last quarter. 87.51% of the stock is owned by institutional investors and hedge funds.
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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