First Trust Advisors LP Lowers Position in QEP Resources, Inc. (QEP)
First Trust Advisors LP lowered its stake in shares of QEP Resources, Inc. (NYSE:QEP) by 23.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 435,377 shares of the pipeline company’s stock after selling 132,003 shares during the period. First Trust Advisors LP owned about 0.18% of QEP Resources worth $4,397,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in QEP. Suntrust Banks Inc. boosted its stake in shares of QEP Resources by 5.4% in the first quarter. Suntrust Banks Inc. now owns 12,788 shares of the pipeline company’s stock valued at $161,000 after buying an additional 651 shares in the last quarter. Pitcairn Co. boosted its stake in shares of QEP Resources by 1.9% in the first quarter. Pitcairn Co. now owns 12,949 shares of the pipeline company’s stock valued at $164,000 after buying an additional 239 shares in the last quarter. Flinton Capital Management LLC boosted its stake in shares of QEP Resources by 4.4% in the first quarter. Flinton Capital Management LLC now owns 13,040 shares of the pipeline company’s stock valued at $166,000 after buying an additional 544 shares in the last quarter. Parkwood LLC bought a new stake in shares of QEP Resources during the second quarter valued at about $191,000. Finally, LS Investment Advisors LLC boosted its stake in shares of QEP Resources by 21.1% in the second quarter. LS Investment Advisors LLC now owns 19,064 shares of the pipeline company’s stock valued at $193,000 after buying an additional 3,316 shares in the last quarter. 93.21% of the stock is owned by institutional investors.
QEP Resources, Inc. (NYSE QEP) opened at 7.52 on Friday. The company’s 50 day moving average is $8.00 and its 200 day moving average is $10.74. The firm’s market cap is $1.81 billion. QEP Resources, Inc. has a 12-month low of $7.02 and a 12-month high of $21.12.
QEP Resources (NYSE:QEP) last released its quarterly earnings data on Wednesday, July 26th. The pipeline company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.08. The company had revenue of $383.70 million during the quarter, compared to the consensus estimate of $413.27 million. QEP Resources had a negative net margin of 3.90% and a negative return on equity of 4.24%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.23) EPS. On average, equities analysts anticipate that QEP Resources, Inc. will post ($0.61) earnings per share for the current year.
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Several brokerages have recently issued reports on QEP. Credit Suisse Group began coverage on shares of QEP Resources in a research note on Thursday, June 1st. They set a “neutral” rating and a $15.00 price objective for the company. J P Morgan Chase & Co cut shares of QEP Resources from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $11.00 to $9.00 in a research note on Thursday, July 27th. Wolfe Research began coverage on shares of QEP Resources in a research note on Thursday, June 15th. They set a “market perform” rating for the company. Cowen and Company set a $12.00 price objective on shares of QEP Resources and gave the company a “buy” rating in a research note on Wednesday, July 19th. Finally, National Securities began coverage on shares of QEP Resources in a research note on Monday, July 31st. They set a “buy” rating and a $11.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $16.53.
In other QEP Resources news, Director David A. Trice acquired 25,000 shares of QEP Resources stock in a transaction dated Thursday, August 17th. The stock was bought at an average cost of $7.20 per share, with a total value of $180,000.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at $288,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Julie Dill acquired 5,000 shares of QEP Resources stock in a transaction dated Friday, July 28th. The shares were acquired at an average cost of $8.49 per share, with a total value of $42,450.00. Following the completion of the acquisition, the director now directly owns 5,525 shares in the company, valued at approximately $46,907.25. The disclosure for this purchase can be found here. Insiders have bought a total of 42,500 shares of company stock valued at $321,325 over the last ninety days. 1.36% of the stock is owned by insiders.
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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