KLR Group Reiterates “Buy” Rating for QEP Resources, Inc. (QEP)
KLR Group reissued their buy rating on shares of QEP Resources, Inc. (NYSE:QEP) in a research note issued to investors on Wednesday morning. They currently have a $14.00 target price on the pipeline company’s stock, down from their previous target price of $15.00.
QEP has been the topic of several other research reports. Barclays PLC cut their price target on QEP Resources from $9.00 to $8.00 and set an overweight rating on the stock in a research note on Tuesday, September 26th. Stifel Nicolaus cut their price target on QEP Resources from $26.00 to $23.00 and set a buy rating on the stock in a research note on Tuesday, September 26th. Piper Jaffray Companies cut their price target on QEP Resources from $20.00 to $12.00 and set an overweight rating on the stock in a research note on Monday, September 18th. ValuEngine lowered QEP Resources from a sell rating to a strong sell rating in a research note on Friday, September 8th. Finally, Cowen and Company set a $12.00 price target on QEP Resources and gave the company a buy rating in a research note on Friday, August 25th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. QEP Resources has a consensus rating of Hold and a consensus price target of $15.69.
Shares of QEP Resources (NYSE QEP) opened at 8.57 on Wednesday. The stock’s 50 day moving average is $7.54 and its 200-day moving average is $10.05. The company’s market cap is $2.06 billion. QEP Resources has a one year low of $7.02 and a one year high of $21.12.
QEP Resources (NYSE:QEP) last released its earnings results on Wednesday, July 26th. The pipeline company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.08. QEP Resources had a negative return on equity of 4.24% and a negative net margin of 3.90%. The business had revenue of $383.70 million for the quarter, compared to analyst estimates of $413.27 million. During the same quarter last year, the firm posted ($0.23) earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Equities research analysts expect that QEP Resources will post ($0.60) earnings per share for the current year.
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In other QEP Resources news, Director Julie Dill purchased 5,000 shares of the stock in a transaction on Friday, July 28th. The stock was acquired at an average price of $8.49 per share, with a total value of $42,450.00. Following the completion of the acquisition, the director now owns 5,525 shares in the company, valued at $46,907.25. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director David A. Trice purchased 25,000 shares of the stock in a transaction on Thursday, August 17th. The stock was acquired 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 approximately $288,000. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 42,500 shares of company stock worth $321,325. 1.36% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its holdings in QEP Resources by 1.0% in the second quarter. BlackRock Inc. now owns 20,160,805 shares of the pipeline company’s stock worth $203,623,000 after acquiring an additional 208,195 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of QEP Resources by 1.1% during the second quarter. Vanguard Group Inc. now owns 20,078,248 shares of the pipeline company’s stock worth $202,790,000 after purchasing an additional 223,181 shares during the period. State Street Corp lifted its holdings in shares of QEP Resources by 16.1% during the second quarter. State Street Corp now owns 10,745,243 shares of the pipeline company’s stock worth $108,526,000 after purchasing an additional 1,489,661 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of QEP Resources by 9.8% during the second quarter. Alliancebernstein L.P. now owns 8,393,250 shares of the pipeline company’s stock worth $84,772,000 after purchasing an additional 746,931 shares during the period. Finally, Caymus Capital Partners L.P. lifted its holdings in shares of QEP Resources by 18.2% during the second quarter. Caymus Capital Partners L.P. now owns 7,931,300 shares of the pipeline company’s stock worth $80,106,000 after purchasing an additional 1,220,700 shares during the period. 93.21% of the stock is owned by institutional investors and hedge funds.
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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