Barclays PLC Increases QEP Resources, Inc. (QEP) Price Target to $9.00
QEP Resources, Inc. (NYSE:QEP) had its target price upped by equities researchers at Barclays PLC from $8.00 to $9.00 in a report released on Wednesday. The brokerage currently has an “overweight” rating on the pipeline company’s stock. Barclays PLC’s price objective indicates a potential upside of 0.45% from the company’s current price.
QEP has been the subject of a number of other research reports. Wolfe Research started coverage on shares of QEP Resources in a research note on Thursday, June 15th. They set a “market perform” rating for the company. Cowen and Company set a $12.00 target price on shares of QEP Resources and gave the stock a “buy” rating in a research report on Friday, August 25th. BidaskClub downgraded shares of QEP Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Deutsche Bank AG downgraded shares of QEP Resources from a “buy” rating to a “hold” rating and dropped their target price for the stock from $18.00 to $13.00 in a research report on Tuesday, July 18th. Finally, ValuEngine downgraded shares of QEP Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $14.93.
Shares of QEP Resources (NYSE:QEP) traded down 0.11% on Wednesday, reaching $8.95. 2,221,228 shares of the company’s stock traded hands. QEP Resources has a 52 week low of $7.02 and a 52 week high of $21.12. The stock’s 50-day moving average price is $8.02 and its 200-day moving average price is $9.58. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 89.50 and a beta of 1.71.
QEP Resources (NYSE:QEP) last posted its quarterly earnings data 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 the consensus estimate of $413.27 million. During the same quarter in the prior year, the company posted ($0.23) EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts predict that QEP Resources will post ($0.59) EPS for the current year.
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In related news, Director David A. Trice purchased 25,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was purchased at an average price of $7.20 per share, for a total transaction of $180,000.00. Following the acquisition, the director now directly owns 40,000 shares in the company, valued at $288,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Julie Dill purchased 5,000 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was bought at an average price of $8.49 per share, with a total value of $42,450.00. Following 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. In the last 90 days, insiders acquired 42,500 shares of company stock valued at $321,325. 1.36% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QEP. Commerce Bank purchased a new position in QEP Resources in the 2nd quarter worth approximately $102,000. ClariVest Asset Management LLC purchased a new position in QEP Resources in the 2nd quarter worth approximately $105,000. Quantbot Technologies LP purchased a new position in QEP Resources in the 2nd quarter worth approximately $119,000. Bronfman E.L. Rothschild L.P. boosted its holdings in QEP Resources by 8,263.0% in the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 6,774 shares of the pipeline company’s stock worth $132,000 after acquiring an additional 6,693 shares during the period. Finally, Suntrust Banks Inc. boosted its holdings in QEP Resources by 5.8% in the 2nd quarter. Suntrust Banks Inc. now owns 13,536 shares of the pipeline company’s stock worth $135,000 after acquiring an additional 748 shares during the period. Hedge funds and other institutional investors own 93.21% of the company’s stock.
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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