QEP Resources, Inc. (QEP) Stake Held by Integrated Core Strategies (Us) LLC

Integrated Core Strategies (Us) LLC

recently disclosed that they own a 5.1% stake in QEP Resources, Inc. (NYSE:QEP) in a Form 13G disclosure that was filed with the Securities and Exchange Commission (SEC) on Wednesday, August 16th. The investor owns 12,346,071 shares of the stock valued at about $87,533,643. The reporting parties listed on the disclosure included Integrated Core Strategies (US) LLC, Integrated Assets II LLC, Cognizant Holdings, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium Management LLC, Millennium Group Management LLC and Israel A Englander. The filing is available through Edgar at this link.

Integrated Core Strategies (Us) LLC

provided the following explanation of their ownership:

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Several other hedge funds and other institutional investors have also recently modified their holdings of QEP. Wellington Management Group LLP raised its position in QEP Resources by 10.0% in the first quarter. Wellington Management Group LLP now owns 22,993,414 shares of the pipeline company’s stock valued at $292,247,000 after buying an additional 2,097,855 shares in the last quarter. BlackRock Inc. raised its position in shares of QEP Resources by 1.0% in the second quarter. BlackRock Inc. now owns 20,160,805 shares of the pipeline company’s stock valued at $203,623,000 after buying an additional 208,195 shares during the period. Vanguard Group Inc. raised its position in shares of QEP Resources by 1.1% in the second quarter. Vanguard Group Inc. now owns 20,078,248 shares of the pipeline company’s stock valued at $202,790,000 after buying an additional 223,181 shares during the period. Boston Partners raised its position in shares of QEP Resources by 47.8% in the first quarter. Boston Partners now owns 13,088,348 shares of the pipeline company’s stock valued at $166,353,000 after buying an additional 4,231,442 shares during the period. Finally, State Street Corp raised its position in shares of QEP Resources by 16.1% in the second quarter. State Street Corp now owns 10,745,243 shares of the pipeline company’s stock valued at $108,526,000 after buying an additional 1,489,661 shares during the period. Hedge funds and other institutional investors own 91.91% of the company’s stock.

QEP Resources, Inc. (QEP) traded down 2.74% during mid-day trading on Wednesday, hitting $7.09. 5,732,200 shares of the stock traded hands. QEP Resources, Inc. has a 12 month low of $7.02 and a 12 month high of $21.12. The stock’s market cap is $1.71 billion. The stock has a 50-day moving average price of $8.76 and a 200-day moving average price of $11.57.

QEP Resources (NYSE:QEP) last posted its quarterly earnings data on Wednesday, July 26th. The pipeline company reported ($0.12) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.08. The firm had revenue of $383.70 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.23) EPS. On average, equities analysts forecast that QEP Resources, Inc. will post ($0.62) earnings per share for the current year.

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Several research analysts have issued reports on QEP shares. Credit Suisse Group started coverage on QEP Resources in a research report on Thursday, June 1st. They set a “neutral” rating and a $15.00 target price for the company. KLR Group boosted their target price on QEP Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Wolfe Research started coverage on QEP Resources in a research report on Thursday, June 15th. They set a “market perform” rating for the company. Barclays PLC restated an “overweight” rating and set a $16.00 target price (down previously from $20.00) on shares of QEP Resources in a research report on Saturday, April 22nd. Finally, BidaskClub lowered QEP Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $16.53.

In other QEP Resources news, CFO Richard J. Doleshek bought 12,500 shares of QEP Resources stock in a transaction on Friday, July 28th. The shares were bought at an average cost of $7.91 per share, for a total transaction of $98,875.00. Following the acquisition, the chief financial officer now directly owns 304,539 shares in the company, valued at $2,408,903.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Julie Dill bought 5,000 shares of QEP Resources stock in a transaction on Friday, July 28th. The shares were acquired at an average price of $8.49 per share, for a total transaction 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 disclosure for this purchase can be found here. Company insiders own 1.36% of the company’s stock.

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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