QEP Resources, Inc. (QEP) Price Target Lowered to $12.00 at Piper Jaffray Companies
QEP Resources, Inc. (NYSE:QEP) had its price objective cut by Piper Jaffray Companies from $20.00 to $12.00 in a research note issued to investors on Monday. They currently have an overweight rating on the pipeline company’s stock.
QEP has been the subject of several other research reports. Credit Suisse Group assumed coverage on QEP Resources in a research note on Thursday, June 1st. They issued a neutral rating and a $15.00 price objective for the company. ValuEngine lowered QEP Resources from a sell rating to a strong sell rating in a research report on Friday, September 8th. J P Morgan Chase & Co lowered QEP Resources from an overweight rating to a neutral rating and cut their target price for the stock from $11.00 to $9.00 in a research report on Thursday, July 27th. Wolfe Research initiated coverage on QEP Resources in a research report on Thursday, June 15th. They set a market perform rating on the stock. Finally, Cowen and Company set a $12.00 target price on QEP Resources and gave the stock a buy rating in a research report on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. QEP Resources presently has an average rating of Hold and a consensus target price of $16.25.
QEP Resources (NYSE:QEP) opened at 7.99 on Monday. QEP Resources has a one year low of $7.02 and a one year high of $21.12. The company’s market capitalization is $1.92 billion. The firm has a 50-day moving average of $7.56 and a 200-day moving average of $10.10.
QEP Resources (NYSE:QEP) last announced its quarterly earnings data on Wednesday, July 26th. The pipeline company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.08. The business had revenue of $383.70 million during the quarter, compared to analysts’ expectations of $413.27 million. QEP Resources had a negative return on equity of 4.24% and a negative net margin of 3.90%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.23) EPS. On average, analysts anticipate that QEP Resources will post ($0.60) earnings per share for the current year.
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In related news, Director David A. Trice bought 25,000 shares of the stock in a transaction on Thursday, August 17th. The shares were bought at an average cost of $7.20 per share, for a total transaction of $180,000.00. Following the purchase, the director now owns 40,000 shares of the company’s stock, valued at approximately $288,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Richard J. Doleshek bought 12,500 shares of the stock in a transaction on Friday, July 28th. The stock was bought at an average price of $7.91 per share, for a total transaction of $98,875.00. Following the completion of the purchase, the chief financial officer now directly owns 304,539 shares in the company, valued at approximately $2,408,903.49. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 42,500 shares of company stock worth $321,325. 1.36% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Commerce Bank purchased a new position in shares of QEP Resources in the 2nd quarter valued at approximately $102,000. Suntrust Banks Inc. grew its stake in shares of QEP Resources by 5.4% in the 1st quarter. Suntrust Banks Inc. now owns 12,788 shares of the pipeline company’s stock valued at $161,000 after purchasing an additional 651 shares during the last quarter. Pitcairn Co. grew its stake 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 during the last quarter. Meadow Creek Investment Management LLC grew its stake in shares of QEP Resources by 4.4% in the 1st quarter. Meadow Creek Investment Management LLC now owns 17,930 shares of the pipeline company’s stock valued at $228,000 after purchasing an additional 748 shares during the last quarter. Finally, M&T Bank Corp grew its stake in shares of QEP Resources by 19.6% in the 1st quarter. M&T Bank Corp now owns 18,658 shares of the pipeline company’s stock valued at $237,000 after purchasing an additional 3,064 shares during the last quarter. Institutional investors own 93.21% of the company’s stock.
About QEP Resources
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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