OLD National Bancorp IN Sells 3,990 Shares of QEP Resources Inc. (QEP)
OLD National Bancorp IN cut its stake in QEP Resources Inc. (NYSE:QEP) by 23.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 12,935 shares of the company’s stock after selling 3,990 shares during the period. OLD National Bancorp IN’s holdings in QEP Resources were worth $228,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of QEP Resources during the fourth quarter valued at $34,055,000. GW&K Investment Management LLC boosted its position 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 period. Texas Permanent School Fund boosted its position 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 period. Telemus Capital LLC acquired a new position in shares of QEP Resources during the first quarter valued at $1,628,000. Finally, Virginia Retirement System acquired a new position in shares of QEP Resources during the first quarter valued at $4,755,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.
QEP Resources Inc. (NYSE:QEP) traded up 0.64% on Monday, hitting $17.17. The stock had a trading volume of 2,391,843 shares. The company has a 50-day moving average of $18.95 and a 200 day moving average of $16.90. The company’s market cap is $4.11 billion. QEP Resources Inc. has a 12 month low of $8.54 and a 12 month high of $20.96.
QEP Resources (NYSE:QEP) last announced its quarterly 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. QEP Resources had a negative return on equity of 4.04% and a negative net margin of 67.39%. The company earned $333.70 million during the quarter, compared to the consensus estimate of $362.17 million. During the same period in the previous year, the company posted $0.09 earnings per share. QEP Resources’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, analysts predict that QEP Resources Inc. will post ($1.19) EPS for the current fiscal year.
Several equities analysts have recently weighed in on QEP shares. Cantor Fitzgerald reiterated a “buy” rating on shares of QEP Resources in a research note on Sunday, May 22nd. Drexel Hamilton started coverage on shares of QEP Resources in a research note on Tuesday, June 7th. They issued a “buy” rating and a $33.00 price objective on the stock. Deutsche Bank AG increased their price objective on shares of QEP Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. Piper Jaffray Cos. upgraded shares of QEP Resources from a “neutral” rating to an “overweight” rating in a research note on Tuesday, June 14th. Finally, 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 research note on Wednesday, June 15th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $22.14.
In related news, CEO Charles B. Stanley purchased 16,763 shares of the firm’s stock in a transaction on Thursday, June 30th. The stock was bought 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 the SEC website. 1.36% of the stock is owned by company insiders.
QEP Resources Company Profile
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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