QEP Resources (QEP) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of QEP Resources (NYSE:QEP) from a hold rating to a buy rating in a research note published on Friday. They currently have $12.00 price objective on the pipeline company’s stock.
According to Zacks, “With a diversified asset base, exposure to emerging plays and increased focus on the quality acreage of the prolific Permian Basin, this mid-cap onshore-focused E&P offers a compelling value. QEP Resources has maintained its excellent track record of earnings surprise history, beating estimates in each of the last eleven quarters. Since its split from Questar Corp. in 2010, QEP has established a strong track record of production growth, while maintaining a competitive cost structure that has enabled the company to maintain its margins amid low oil prices. With focus on operating efficiency, a robust balance sheet and ample liquidity, we believe QEP is well positioned going forward and view it as an attractive investment.”
QEP has been the topic of a number of other reports. BMO Capital Markets set a $11.00 price objective on QEP Resources and gave the company a buy rating in a research report on Tuesday, November 14th. Stifel Nicolaus lowered their price objective on QEP Resources from $26.00 to $23.00 and set a buy rating on the stock in a research report on Tuesday, September 26th. Mizuho upgraded QEP Resources from a neutral rating to a buy rating in a research report on Tuesday, November 21st. Credit Suisse Group began coverage on QEP Resources in a research report on Monday, December 11th. They set an underperform rating and a $9.00 price objective on the stock. Finally, Barclays boosted their price objective on QEP Resources from $8.00 to $9.00 and gave the company an overweight rating in a research report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. QEP Resources currently has an average rating of Hold and a consensus price target of $12.75.
QEP Resources (NYSE:QEP) last released its quarterly earnings data on Wednesday, October 25th. The pipeline company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.11. The business had revenue of $390.10 million for the quarter, compared to analysts’ expectations of $393.87 million. QEP Resources had a negative return on equity of 3.48% and a negative net margin of 0.90%. QEP Resources’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) earnings per share. analysts anticipate that QEP Resources will post -0.43 earnings per share for the current year.
A number of large investors have recently made changes to their positions in QEP. Legal & General Group Plc grew its position in QEP Resources by 9.1% in the second quarter. Legal & General Group Plc now owns 330,997 shares of the pipeline company’s stock valued at $3,343,000 after acquiring an additional 27,714 shares during the period. Utah Retirement Systems grew its position in QEP Resources by 0.5% in the second quarter. Utah Retirement Systems now owns 43,794 shares of the pipeline company’s stock valued at $442,000 after acquiring an additional 200 shares during the period. Principal Financial Group Inc. grew its position in QEP Resources by 4.3% in the second quarter. Principal Financial Group Inc. now owns 1,018,804 shares of the pipeline company’s stock valued at $10,290,000 after acquiring an additional 42,034 shares during the period. Swiss National Bank grew its position in QEP Resources by 2.0% in the second quarter. Swiss National Bank now owns 401,742 shares of the pipeline company’s stock valued at $4,058,000 after acquiring an additional 7,800 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its position in QEP Resources by 3.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 25,470 shares of the pipeline company’s stock valued at $257,000 after acquiring an additional 778 shares during the period. Hedge funds and other institutional investors own 93.14% of the company’s stock.
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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