Panagora Asset Management Inc. lifted its holdings in shares of QEP Resources Inc (NYSE:QEP) by 880.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 173,489 shares of the pipeline company’s stock after acquiring an additional 155,793 shares during the period. Panagora Asset Management Inc. owned approximately 0.07% of QEP Resources worth $1,254,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. TT International purchased a new position in QEP Resources during the first quarter worth about $2,338,000. Shell Asset Management Co. purchased a new stake in shares of QEP Resources during the 1st quarter valued at approximately $212,000. Swiss National Bank lifted its stake in shares of QEP Resources by 1.9% during the 2nd quarter. Swiss National Bank now owns 439,742 shares of the pipeline company’s stock valued at $3,179,000 after buying an additional 8,300 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of QEP Resources by 119.8% during the 1st quarter. JPMorgan Chase & Co. now owns 1,110,649 shares of the pipeline company’s stock valued at $8,652,000 after buying an additional 605,238 shares in the last quarter. Finally, Texas Permanent School Fund lifted its stake in shares of QEP Resources by 3.6% during the 1st quarter. Texas Permanent School Fund now owns 160,489 shares of the pipeline company’s stock valued at $1,250,000 after buying an additional 5,549 shares in the last quarter. 99.33% of the stock is owned by institutional investors.
In related news, CEO Timothy J. Cutt bought 15,000 shares of the stock in a transaction dated Friday, August 9th. The shares were purchased at an average price of $4.04 per share, with a total value of $60,600.00. Following the completion of the acquisition, the chief executive officer now owns 228,777 shares of the company’s stock, valued at $924,259.08. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Richard J. Doleshek purchased 25,000 shares of QEP Resources stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $3.50 per share, for a total transaction of $87,500.00. Following the transaction, the chief financial officer now directly owns 533,723 shares of the company’s stock, valued at approximately $1,868,030.50. The disclosure for this purchase can be found here. Insiders have acquired 140,000 shares of company stock worth $534,450 in the last ninety days. Insiders own 1.71% of the company’s stock.
A number of analysts recently commented on the stock. Piper Jaffray Companies set a $5.00 price target on shares of QEP Resources and gave the company a “hold” rating in a research note on Friday, August 16th. BMO Capital Markets assumed coverage on shares of QEP Resources in a report on Tuesday. They set a “market perform” rating and a $5.00 target price on the stock. CIBC reaffirmed a “market perform” rating on shares of QEP Resources in a report on Tuesday, July 9th. Raymond James lowered shares of QEP Resources from a “strong-buy” rating to a “market perform” rating in a report on Thursday, August 8th. Finally, Oppenheimer lowered shares of QEP Resources from an “outperform” rating to a “market perform” rating and set a $7.25 target price on the stock. in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating and fourteen have given a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $8.91.
NYSE QEP traded down $0.14 during trading hours on Thursday, reaching $4.01. 73,329 shares of the company’s stock traded hands, compared to its average volume of 5,466,047. The firm has a market cap of $992.10 million, a PE ratio of -23.68 and a beta of 1.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.72 and a quick ratio of 0.72. QEP Resources Inc has a 52-week low of $3.34 and a 52-week high of $12.05. The firm has a 50-day simple moving average of $4.10 and a 200 day simple moving average of $6.49.
QEP Resources (NYSE:QEP) last released its quarterly earnings data on Wednesday, August 7th. The pipeline company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.07). The firm had revenue of $296.20 million for the quarter, compared to the consensus estimate of $293.93 million. QEP Resources had a negative net margin of 44.56% and a positive return on equity of 1.29%. The firm’s revenue for the quarter was down 44.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.06 earnings per share. Sell-side analysts forecast that QEP Resources Inc will post 0.3 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend was Monday, August 19th. QEP Resources’s dividend payout ratio is currently -47.06%.
About QEP Resources
QEP Resources, Inc operates as a crude oil and natural gas exploration and production company in the United States. The company conducts exploration and production activities in the Permian Basin in Western Texas; and Williston Basin in North Dakota. As of December 31, 2018, it had estimated proved reserves of approximately 658.2 MMboe.
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