QEP Resources (QEP) Rating Increased to Buy at Zacks Investment Research
QEP Resources (NYSE:QEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $12.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 8.21% from the company’s previous close.
According to Zacks, “With a diversified asset base, exposure to emerging plays and increased focus on the quality acreage of the prolific Permian Basin, this mid-cap onshore-focused E&P offers a compelling value. QEP Resources has maintained its excellent track record of earnings surprise history, beating estimates in each of the last eleven quarters. Since its split from Questar Corp. in 2010, QEP has established a strong track record of production growth, while maintaining a competitive cost structure that has enabled the company to maintain its margins amid low oil prices. With focus on operating efficiency, a robust balance sheet and ample liquidity, we believe QEP is well positioned going forward and view it as an attractive investment.”
Other research analysts have also recently issued research reports about the stock. Barclays boosted their price target on shares of QEP Resources from $8.00 to $9.00 and gave the stock an “overweight” rating in a report on Wednesday, October 11th. KLR Group reiterated a “buy” rating and set a $14.00 price target (down previously from $15.00) on shares of QEP Resources in a report on Wednesday, September 27th. BMO Capital Markets set a $11.00 price target on shares of QEP Resources and gave the stock a “buy” rating in a report on Tuesday, October 10th. ValuEngine upgraded shares of QEP Resources from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. Finally, Stifel Nicolaus lowered their price target on shares of QEP Resources from $26.00 to $23.00 and set a “buy” rating for the company in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $13.94.
QEP Resources (NYSE:QEP) last announced its earnings results on Wednesday, October 25th. The pipeline company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.11. QEP Resources had a negative net margin of 0.90% and a negative return on equity of 3.48%. The firm had revenue of $390.10 million for the quarter, compared to the consensus estimate of $393.87 million. During the same period in the prior year, the firm earned ($0.21) EPS. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. research analysts predict that QEP Resources will post -0.44 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of QEP Resources by 18.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 114,013 shares of the pipeline company’s stock valued at $1,152,000 after buying an additional 17,642 shares in the last quarter. Voya Investment Management LLC boosted its holdings in shares of QEP Resources by 8.5% in the 2nd quarter. Voya Investment Management LLC now owns 1,391,614 shares of the pipeline company’s stock valued at $14,055,000 after buying an additional 109,002 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of QEP Resources by 8.9% in the 3rd quarter. Rhumbline Advisers now owns 460,608 shares of the pipeline company’s stock valued at $3,947,000 after buying an additional 37,825 shares in the last quarter. PEAK6 Investments L.P. boosted its holdings in shares of QEP Resources by 167.1% in the 3rd quarter. PEAK6 Investments L.P. now owns 49,468 shares of the pipeline company’s stock valued at $424,000 after buying an additional 123,194 shares in the last quarter. Finally, Oslo Asset Management AS acquired a new position in shares of QEP Resources in the 3rd quarter valued at $10,041,000. Institutional investors and hedge funds own 93.14% 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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