Artemis Investment Management LLP acquired a new position in shares of QEP Resources Inc. (NYSE:QEP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 743,208 shares of the company’s stock, valued at approximately $13,099,000.
A number of other hedge funds have also recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in QEP Resources by 33.9% in the first quarter. Wellington Management Group LLP now owns 27,715,828 shares of the company’s stock worth $391,071,000 after buying an additional 7,013,529 shares during the period. Norges Bank purchased a new stake in QEP Resources during the fourth quarter worth approximately $34,055,000. Renaissance Technologies LLC boosted its stake in QEP Resources by 314.5% in the first quarter. Renaissance Technologies LLC now owns 2,436,700 shares of the company’s stock worth $34,382,000 after buying an additional 1,848,900 shares during the period. Acadian Asset Management LLC boosted its stake in QEP Resources by 13,455.1% in the second quarter. Acadian Asset Management LLC now owns 1,823,566 shares of the company’s stock worth $32,152,000 after buying an additional 1,810,113 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in QEP Resources by 18.2% in the first quarter. BlackRock Fund Advisors now owns 6,982,556 shares of the company’s stock worth $98,524,000 after buying an additional 1,077,086 shares during the period. Institutional investors own 87.51% of the company’s stock.
Shares of QEP Resources Inc. (NYSE:QEP) traded down 3.00% during trading on Tuesday, reaching $17.76. The company had a trading volume of 3,336,282 shares. QEP Resources Inc. has a 52 week low of $8.54 and a 52 week high of $20.96. The stock’s 50-day moving average price is $18.87 and its 200-day moving average price is $17.39. The company’s market capitalization is $4.26 billion.
QEP Resources (NYSE:QEP) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.12. QEP Resources had a negative return on equity of 4.04% and a negative net margin of 67.39%. The company earned $333.70 million during the quarter, compared to analysts’ expectations of $362.17 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The firm’s revenue was down 41.9% compared to the same quarter last year. On average, equities analysts expect that QEP Resources Inc. will post ($1.19) EPS for the current fiscal year.
QEP has been the subject of a number of research reports. Wells Fargo & Co. reiterated a “market perform” rating on shares of QEP Resources in a research report on Wednesday, July 6th. FBR & Co initiated coverage on QEP Resources in a research report on Thursday, July 21st. They set a “market perform” rating and a $19.00 price objective for the company. BMO Capital Markets upgraded QEP Resources from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $18.00 to $24.00 in a research report on Monday, July 18th. They noted that the move was a valuation call. KLR Group restated a “buy” rating and issued a $32.00 price target (up previously from $31.00) on shares of QEP Resources in a research report on Tuesday, August 2nd. Finally, Drexel Hamilton initiated coverage on QEP Resources in a research report on Tuesday, June 7th. They issued a “buy” rating and a $33.00 price target for the company. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $22.14.
In related news, CEO Charles B. Stanley acquired 16,763 shares of the firm’s stock in a transaction dated Thursday, June 30th. The stock was acquired at an average price of $17.85 per share, with a total value of $299,219.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.36% of the company’s stock.
About QEP Resources
QEP Resources, Inc (QEP) is a holding company with two subsidiaries, QEP Energy Company and QEP Marketing Company, which are engaged in two primary lines of business: oil and gas exploration and production (QEP Energy), and oil and gas marketing, operation of a gas gathering system and an underground gas storage facility, and corporate activities (QEP Marketing and Other).
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