New York State Teachers Retirement System raised its stake in QEP Resources Inc. (NYSE:QEP) by 4.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 366,165 shares of the company’s stock after buying an additional 15,100 shares during the period. New York State Teachers Retirement System’s holdings in QEP Resources were worth $6,455,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of QEP. LS Investment Advisors LLC raised its position in QEP Resources by 97.9% in the second quarter. LS Investment Advisors LLC now owns 12,856 shares of the company’s stock valued at $227,000 after buying an additional 6,360 shares during the last quarter. Benin Management CORP raised its position in QEP Resources by 36.6% in the second quarter. Benin Management CORP now owns 14,550 shares of the company’s stock valued at $257,000 after buying an additional 3,900 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in QEP Resources during the first quarter valued at about $260,000. Capstone Asset Management Co. raised its position in QEP Resources by 8.6% in the second quarter. Capstone Asset Management Co. now owns 15,027 shares of the company’s stock valued at $265,000 after buying an additional 1,190 shares during the last quarter. Finally, Pacad Investment Ltd. purchased a new position in QEP Resources during the first quarter valued at about $283,000. 87.51% of the stock is currently owned by institutional investors.
QEP Resources Inc. (NYSE:QEP) traded up 1.03% on Friday, hitting $19.53. 4,372,461 shares of the stock were exchanged. The company has a 50-day moving average of $18.89 and a 200-day moving average of $17.46. QEP Resources Inc. has a 12 month low of $8.54 and a 12 month high of $20.96. The stock’s market cap is $4.68 billion.
QEP Resources (NYSE:QEP) last posted its earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.12. QEP Resources had a negative net margin of 67.39% and a negative return on equity of 4.04%. The firm earned $333.70 million during the quarter, compared to analysts’ expectations of $362.17 million. During the same period last year, the company posted $0.09 EPS. The company’s quarterly revenue was down 41.9% compared to the same quarter last year. On average, equities analysts predict that QEP Resources Inc. will post ($1.19) EPS for the current year.
Several brokerages have recently weighed in on QEP. Drexel Hamilton began coverage on shares of QEP Resources in a report on Tuesday, June 7th. They set a “buy” rating and a $33.00 price objective on the stock. Simmons upgraded shares of QEP Resources from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $20.00 to $24.00 in a report on Wednesday, June 15th. Piper Jaffray Cos. upgraded shares of QEP Resources from a “neutral” rating to an “overweight” rating in a report on Tuesday, June 14th. Deutsche Bank AG upped their price objective on shares of QEP Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, June 14th. Finally, Cantor Fitzgerald reiterated a “buy” rating on shares of QEP Resources in a report on Wednesday, June 22nd. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $22.14.
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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