Brokerages Anticipate QEP Resources, Inc. (QEP) Will Announce Quarterly Sales of $385.82 Million
Wall Street brokerages forecast that QEP Resources, Inc. (NYSE:QEP) will report $385.82 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for QEP Resources’ earnings, with the lowest sales estimate coming in at $360.33 million and the highest estimate coming in at $402.00 million. QEP Resources reported sales of $382.40 million in the same quarter last year, which indicates a positive year-over-year growth rate of 0.9%. The business is expected to issue its next earnings report after the market closes on Wednesday, October 25th.
According to Zacks, analysts expect that QEP Resources will report full year sales of $385.82 million for the current fiscal year, with estimates ranging from $1.54 billion to $1.69 billion. For the next year, analysts forecast that the firm will post sales of $1.71 billion per share, with estimates ranging from $1.60 billion to $1.87 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover QEP Resources.
QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, July 26th. The pipeline company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.08. The business had revenue of $383.70 million during the quarter, compared to analyst estimates of $413.27 million. QEP Resources had a negative return on equity of 4.24% and a negative net margin of 3.90%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.23) earnings per share.
Several research analysts recently issued reports on QEP shares. BidaskClub upgraded QEP Resources from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Wolfe Research started coverage on QEP Resources in a research report on Thursday, June 15th. They set a “market perform” rating for the company. BMO Capital Markets restated a “buy” rating and set a $11.00 price objective on shares of QEP Resources in a research report on Tuesday, June 27th. Barclays PLC restated a “buy” rating and set a $10.00 price objective on shares of QEP Resources in a research report on Friday, July 7th. Finally, Deutsche Bank AG downgraded QEP Resources from a “buy” rating to a “hold” rating and cut their price objective for the stock from $18.00 to $13.00 in a research report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. QEP Resources currently has an average rating of “Buy” and a consensus target price of $14.93.
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In other news, Director David A. Trice bought 25,000 shares of the stock in a transaction on Thursday, August 17th. The stock was purchased at an average cost of $7.20 per share, with a total value of $180,000.00. Following the purchase, the director now owns 40,000 shares of the company’s stock, valued at $288,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Richard J. Doleshek bought 12,500 shares of the stock in a transaction on Friday, July 28th. The stock was purchased at an average cost of $7.91 per share, with a total value of $98,875.00. Following the completion of the purchase, the chief financial officer now directly owns 304,539 shares in the company, valued at approximately $2,408,903.49. The disclosure for this purchase can be found here. Insiders acquired a total of 42,500 shares of company stock valued at $321,325 over the last ninety days. 1.36% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Commerce Bank purchased a new stake in QEP Resources in the 2nd quarter worth approximately $102,000. Suntrust Banks Inc. grew its stake 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. Pitcairn Co. grew its stake in QEP Resources by 4.3% in the 2nd quarter. Pitcairn Co. now owns 13,512 shares of the pipeline company’s stock worth $136,000 after acquiring an additional 563 shares during the period. Parkwood LLC purchased a new stake in QEP Resources in the 2nd quarter worth approximately $191,000. Finally, LS Investment Advisors LLC grew its stake in QEP Resources by 21.1% in the 2nd quarter. LS Investment Advisors LLC now owns 19,064 shares of the pipeline company’s stock worth $193,000 after acquiring an additional 3,316 shares during the period. 93.21% of the stock is owned by hedge funds and other institutional investors.
QEP Resources (NYSE QEP) traded down 2.492% during midday trading on Thursday, hitting $8.805. The stock had a trading volume of 2,429,375 shares. QEP Resources has a 12-month low of $7.02 and a 12-month high of $21.12. The stock has a 50-day moving average price of $8.07 and a 200 day moving average price of $9.58. The firm’s market cap is $2.12 billion.
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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