Analysts at Johnson Rice began coverage on shares of QEP Resources (NYSE:QEP) in a note issued to investors on Wednesday. The firm set a “buy” rating on the pipeline company’s stock.
A number of other research firms have also weighed in on QEP. JPMorgan Chase & Co. dropped their price objective on shares of QEP Resources from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, March 5th. Piper Jaffray Companies set a $13.00 price objective on shares of QEP Resources and gave the company a “buy” rating in a research note on Wednesday, March 14th. Zacks Investment Research raised shares of QEP Resources from a “hold” rating to a “buy” rating and set a $9.50 price objective on the stock in a research note on Wednesday, February 7th. Williams Capital started coverage on shares of QEP Resources in a research note on Friday, December 8th. They issued a “buy” rating and a $13.00 price objective on the stock. Finally, TheStreet raised shares of QEP Resources from a “d” rating to a “c-” rating in a research note on Tuesday, March 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $12.81.
QEP stock opened at $8.87 on Wednesday. QEP Resources has a 12 month low of $7.02 and a 12 month high of $13.15. The firm has a market cap of $2,110.89, a price-to-earnings ratio of 7.92 and a beta of 1.70. The company has a quick ratio of 0.28, a current ratio of 0.29 and a debt-to-equity ratio of 0.57.
QEP Resources announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 28th that permits the company to repurchase $1.25 billion in shares. This repurchase authorization permits the pipeline company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director David A. Trice bought 10,000 shares of the stock in a transaction dated Thursday, March 8th. The stock was bought at an average price of $9.00 per share, for a total transaction of $90,000.00. Following the completion of the acquisition, the director now directly owns 50,000 shares in the company, valued at approximately $450,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.36% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Divergent Wealth Advisors LLC purchased a new stake in shares of QEP Resources in the fourth quarter valued at about $223,000. MetLife Investment Advisors LLC purchased a new stake in QEP Resources during the fourth quarter worth about $1,459,000. Gotham Asset Management LLC purchased a new stake in QEP Resources during the fourth quarter worth about $2,488,000. Macquarie Group Ltd. increased its holdings in QEP Resources by 17,375.0% during the fourth quarter. Macquarie Group Ltd. now owns 13,980 shares of the pipeline company’s stock worth $9,481,000 after buying an additional 13,900 shares during the last quarter. Finally, Flinton Capital Management LLC increased its holdings in QEP Resources by 38.0% during the fourth quarter. Flinton Capital Management LLC now owns 275,184 shares of the pipeline company’s stock worth $2,633,000 after buying an additional 75,776 shares during the last quarter. Institutional investors own 93.95% of the company’s stock.
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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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