QEP Resources, Inc. (NYSE:QEP) shot up 1.9% during mid-day trading on Monday after an insider bought additional shares in the company. The stock traded as high as $8.54 and last traded at $8.50, with a volume of 4,583,922 shares traded. The stock had previously closed at $8.34.
Specifically, CFO Richard J. Doleshek acquired 12,500 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were bought at an average cost of $7.91 per share, with a total value of $98,875.00. Following the completion of the acquisition, the chief financial officer now owns 304,539 shares of the company’s stock, valued at $2,408,903.49. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Julie Dill acquired 5,000 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were bought at an average cost of $8.49 per share, for a total transaction of $42,450.00. Following the completion of the acquisition, the director now directly owns 5,525 shares of the company’s stock, valued at approximately $46,907.25. The disclosure for this purchase can be found here. Company insiders own 1.36% of the company’s stock.
A number of equities research analysts have weighed in on the company. Credit Suisse Group assumed coverage on QEP Resources in a report on Thursday, June 1st. They set a “neutral” rating and a $15.00 price objective on the stock. J P Morgan Chase & Co downgraded QEP Resources from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $11.00 to $9.00 in a report on Thursday, July 27th. Wolfe Research assumed coverage on QEP Resources in a report on Thursday, June 15th. They set a “market perform” rating on the stock. Cowen and Company set a $12.00 price objective on QEP Resources and gave the company a “buy” rating in a report on Wednesday, July 19th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $16.00 price objective (down from $20.00) on shares of QEP Resources in a report on Saturday, April 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. QEP Resources presently has an average rating of “Hold” and a consensus target price of $16.53.
The firm has a 50-day moving average of $8.90 and a 200-day moving average of $11.82. The company’s market capitalization is $1.76 billion.
QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, July 26th. The pipeline company reported ($0.12) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.08. QEP Resources had a negative net margin of 3.90% and a negative return on equity of 4.24%. The company had revenue of $383.70 million during the quarter, compared to analyst estimates of $413.27 million. During the same period in the prior year, the business posted ($0.23) EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. On average, equities analysts expect that QEP Resources, Inc. will post ($0.62) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of QEP Resources by 77.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,548,695 shares of the pipeline company’s stock valued at $45,941,000 after buying an additional 1,988,685 shares during the period. Hancock Holding Co. raised its position in shares of QEP Resources by 5.2% in the second quarter. Hancock Holding Co. now owns 234,126 shares of the pipeline company’s stock valued at $2,365,000 after buying an additional 11,550 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of QEP Resources by 59.5% in the second quarter. Parametric Portfolio Associates LLC now owns 411,397 shares of the pipeline company’s stock valued at $4,155,000 after buying an additional 153,478 shares during the period. Suntrust Banks Inc. raised its position in shares of QEP Resources by 5.8% in the second quarter. Suntrust Banks Inc. now owns 13,536 shares of the pipeline company’s stock valued at $135,000 after buying an additional 748 shares during the period. Finally, M&T Bank Corp raised its position in shares of QEP Resources by 33.0% in the second quarter. M&T Bank Corp now owns 24,807 shares of the pipeline company’s stock valued at $249,000 after buying an additional 6,149 shares during the period. Institutional investors and hedge funds own 91.76% of the company’s stock.
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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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