Brown Advisory Inc. cut its stake in QEP Resources Inc. (NYSE:QEP) by 13.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,972 shares of the company’s stock after selling 2,200 shares during the period. Brown Advisory Inc.’s holdings in QEP Resources were worth $246,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ClariVest Asset Management LLC acquired a new position in QEP Resources during the second quarter valued at approximately $105,000. Quantbot Technologies LP acquired a new position in QEP Resources during the second quarter valued at approximately $119,000. Wright Investors Service Inc. acquired a new position in QEP Resources during the second quarter valued at approximately $183,000. MUFG Americas Holdings Corp increased its position in QEP Resources by 201.4% in the second quarter. MUFG Americas Holdings Corp now owns 11,255 shares of the company’s stock valued at $198,000 after buying an additional 7,521 shares during the period. Finally, Meeder Asset Management Inc. increased its position in QEP Resources by 461.3% in the second quarter. Meeder Asset Management Inc. now owns 12,428 shares of the company’s stock valued at $220,000 after buying an additional 10,214 shares during the period. 87.51% of the stock is owned by institutional investors.
Shares of QEP Resources Inc. (NYSE:QEP) traded down 2.37% during midday trading on Thursday, reaching $18.53. 477,893 shares of the company’s stock were exchanged. QEP Resources Inc. has a 12-month low of $8.54 and a 12-month high of $20.96. The stock’s 50 day moving average is $18.81 and its 200-day moving average is $17.62. The stock’s market cap is $4.44 billion.
QEP Resources (NYSE:QEP) last issued its earnings results on Wednesday, July 27th. The company reported ($0.23) earnings per share for the quarter, topping the Zacks’ 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 analyst estimates of $362.17 million. During the same quarter in the prior year, the business earned $0.09 earnings per share. QEP Resources’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, equities analysts expect that QEP Resources Inc. will post ($1.19) EPS for the current year.
Several research analysts have commented on the stock. Goldman Sachs Group Inc. assumed coverage on shares of QEP Resources in a report on Thursday. They issued a “neutral” rating for the company. Zacks Investment Research raised shares of QEP Resources from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Wednesday, June 29th. Barclays PLC raised shares of QEP Resources from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $17.00 to $22.00 in a report on Wednesday, August 3rd. Drexel Hamilton reissued a “buy” rating and issued a $33.00 price target on shares of QEP Resources in a report on Wednesday, June 22nd. Finally, Simmons raised shares of QEP Resources from a “neutral” rating to an “overweight” rating and raised their price target for the company from $20.00 to $24.00 in a report on Wednesday, June 15th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $22.40.
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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