Nokomis Capital L.L.C. reduced its stake in shares of QEP Resources Inc (NYSE:QEP) by 28.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 620,948 shares of the pipeline company’s stock after selling 241,001 shares during the quarter. QEP Resources accounts for 1.3% of Nokomis Capital L.L.C.’s holdings, making the stock its 26th largest position. Nokomis Capital L.L.C. owned approximately 0.26% of QEP Resources worth $5,942,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the stock. Swiss National Bank increased its position in shares of QEP Resources by 3.5% in the fourth quarter. Swiss National Bank now owns 415,742 shares of the pipeline company’s stock valued at $3,979,000 after buying an additional 14,000 shares in the last quarter. Rhumbline Advisers increased its position in shares of QEP Resources by 8.9% in the third 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. increased its position in shares of QEP Resources by 167.1% in the third 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. Rothschild Asset Management Inc. increased its position in shares of QEP Resources by 48.3% in the third quarter. Rothschild Asset Management Inc. now owns 656,217 shares of the pipeline company’s stock valued at $5,624,000 after buying an additional 213,836 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of QEP Resources by 11.5% in the third quarter. Legal & General Group Plc now owns 368,973 shares of the pipeline company’s stock valued at $3,162,000 after buying an additional 37,976 shares in the last quarter. Institutional investors own 94.34% of the company’s stock.
A number of analysts have recently commented on the company. B. Riley set a $10.00 price objective on QEP Resources and gave the company a “hold” rating in a research report on Friday, March 9th. JPMorgan Chase & Co. cut their price objective on QEP Resources from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, March 5th. ValuEngine upgraded QEP Resources from a “sell” rating to a “hold” rating in a research report on Thursday, March 1st. Williams Capital set a $18.00 price objective on QEP Resources and gave the company a “buy” rating in a research report on Thursday, March 1st. Finally, Zacks Investment Research upgraded QEP Resources from a “hold” rating to a “buy” rating and set a $8.75 price objective for the company in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. QEP Resources presently has an average rating of “Hold” and an average target price of $12.87.
QEP Resources (NYSE:QEP) last issued its quarterly earnings results on Wednesday, February 28th. The pipeline company reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $1.20. The firm had revenue of $429.00 million for the quarter, compared to analyst estimates of $392.01 million. QEP Resources had a return on equity of 5.06% and a net margin of 16.59%. The business’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.15) earnings per share. research analysts predict that QEP Resources Inc will post -0.42 EPS for the current fiscal year.
QEP Resources declared that its board has authorized a share buyback program on Wednesday, February 28th that authorizes the company to buyback $1.25 billion in outstanding shares. This buyback authorization authorizes the pipeline company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other news, Director David A. Trice purchased 10,000 shares of the stock in a transaction dated Thursday, March 8th. The shares were purchased at an average cost of $9.00 per share, with a total value of $90,000.00. Following the completion of the purchase, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $450,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.36% of the company’s stock.
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QEP Resources Profile
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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