$311.64 Million in Sales Expected for QEP Resources Inc (NYSE:QEP) This Quarter
Analysts predict that QEP Resources Inc (NYSE:QEP) will post $311.64 million in sales for the current quarter, Zacks reports. Six analysts have made estimates for QEP Resources’ earnings. The highest sales estimate is $332.00 million and the lowest is $292.00 million. QEP Resources posted sales of $560.80 million in the same quarter last year, which suggests a negative year-over-year growth rate of 44.4%. The company is scheduled to issue its next earnings results on Wednesday, November 6th.
On average, analysts expect that QEP Resources will report full-year sales of $1.20 billion for the current year, with estimates ranging from $1.10 billion to $1.28 billion. For the next financial year, analysts expect that the company will post sales of $1.45 billion, with estimates ranging from $1.19 billion to $1.82 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover QEP Resources.
QEP Resources (NYSE:QEP) last released its earnings results on Wednesday, August 7th. The pipeline company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.07). The company had revenue of $296.20 million for the quarter, compared to analyst estimates of $293.93 million. QEP Resources had a negative net margin of 44.56% and a positive return on equity of 1.29%. QEP Resources’s revenue for the quarter was down 44.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.06 earnings per share.
QEP traded down $0.01 during trading on Thursday, hitting $4.19. The company’s stock had a trading volume of 4,744,700 shares, compared to its average volume of 5,471,067. QEP Resources has a twelve month low of $3.39 and a twelve month high of $12.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.72 and a quick ratio of 0.72. The business’s fifty day simple moving average is $5.75. The stock has a market capitalization of $994.47 million, a price-to-earnings ratio of -24.65 and a beta of 1.92.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Tuesday, August 20th will be given a dividend of $0.02 per share. The ex-dividend date is Monday, August 19th. This represents a $0.08 annualized dividend and a yield of 1.91%.
In related news, CEO Timothy J. Cutt purchased 15,000 shares of QEP Resources stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $4.04 per share, for a total transaction of $60,600.00. Following the transaction, the chief executive officer now directly owns 228,777 shares in the company, valued at $924,259.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.71% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of QEP. BlackRock Inc. lifted its stake in shares of QEP Resources by 31.8% in the 2nd quarter. BlackRock Inc. now owns 28,182,615 shares of the pipeline company’s stock valued at $203,761,000 after purchasing an additional 6,792,284 shares during the period. Norges Bank purchased a new position in shares of QEP Resources in the 4th quarter valued at approximately $19,230,000. Alpine Associates Management Inc. purchased a new position in shares of QEP Resources in the 1st quarter valued at approximately $18,806,000. Wells Fargo & Company MN lifted its stake in shares of QEP Resources by 67.1% in the 2nd quarter. Wells Fargo & Company MN now owns 5,873,927 shares of the pipeline company’s stock valued at $42,469,000 after purchasing an additional 2,358,578 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of QEP Resources by 296.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,758,486 shares of the pipeline company’s stock valued at $12,714,000 after purchasing an additional 1,314,536 shares during the period. Hedge funds and other institutional investors own 99.22% of the company’s stock.
About QEP Resources
QEP Resources, Inc operates as a crude oil and natural gas exploration and production company in the United States. The company conducts exploration and production activities in the Permian Basin in Western Texas; and Williston Basin in North Dakota. As of December 31, 2018, it had estimated proved reserves of approximately 658.2 MMboe.
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