Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Qep Resources from a hold rating to a buy rating and set a $9.50 price objective for the company in a research note on Wednesday, February 7th. Mizuho set a $15.00 price objective on shares of Qep Resources and gave the company a buy rating in a research note on Tuesday, January 16th. Piper Jaffray reissued a buy rating and set a $14.00 target price on shares of Qep Resources in a research report on Tuesday, January 9th. Williams Capital set a $18.00 target price on shares of Qep Resources and gave the company a buy rating in a research report on Thursday, March 1st. Finally, Johnson Rice started coverage on shares of Qep Resources in a research report on Wednesday, March 21st. They set a buy rating and a $19.00 target price for the company. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $12.67.
NYSE:QEP opened at $12.21 on Tuesday. The company has a quick ratio of 0.28, a current ratio of 0.29 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3,002.47, a price-to-earnings ratio of 15.86 and a beta of 1.53. Qep Resources has a 52 week low of $7.02 and a 52 week high of $12.90.
Qep Resources declared that its board has approved a stock buyback program on Wednesday, February 28th that allows the company to repurchase $1.25 billion in shares. This repurchase authorization allows the pipeline company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In other Qep Resources news, Director David A. Trice acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The stock was bought at an average cost of $9.00 per share, with a total value of $90,000.00. Following the acquisition, the director now owns 50,000 shares in the company, valued at $450,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ING Groep NV boosted its holdings in Qep Resources by 23.4% in the 4th quarter. ING Groep NV now owns 36,355 shares of the pipeline company’s stock worth $348,000 after buying an additional 6,900 shares during the period. Mackenzie Financial Corp boosted its holdings in Qep Resources by 0.3% in the 4th quarter. Mackenzie Financial Corp now owns 2,702,500 shares of the pipeline company’s stock worth $25,863,000 after buying an additional 7,500 shares during the period. US Bancorp DE boosted its holdings in Qep Resources by 73.5% in the 4th quarter. US Bancorp DE now owns 24,140 shares of the pipeline company’s stock worth $230,000 after buying an additional 10,223 shares during the period. Kornitzer Capital Management Inc. KS bought a new position in Qep Resources in the 4th quarter worth approximately $100,000. Finally, Savant Capital LLC bought a new position in Qep Resources in the 4th quarter worth approximately $108,000. 93.88% of the stock is owned by institutional investors.
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About Qep Resources
QEP Resources, Inc, through its subsidiaries, operates as a natural gas and crude oil exploration and production company in the United States. The company conducts exploration and production activities in the Permian Basin in western Texas, Williston Basin in North Dakota, Haynesville/Cotton Valley in northwestern Louisiana, Uinta Basin in eastern Utah, and other proven properties in Wyoming, Utah, and Colorado.
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