Evercore ISI began coverage on shares of QEP Resources Inc. (NYSE:QEP) in a report released on Friday. The firm set a “hold” rating and a $22.00 price target on the stock. Evercore ISI’s price objective points to a potential upside of 18.73% from the company’s previous close.
A number of other research analysts have also issued reports on QEP. Zacks Investment Research raised QEP Resources from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Wednesday, June 29th. Barclays PLC raised QEP Resources from an “equal weight” rating to an “overweight” rating and boosted their target price 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 target price on shares of QEP Resources in a report on Wednesday, June 22nd. Simmons raised QEP Resources from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $20.00 to $24.00 in a report on Wednesday, June 15th. Finally, Deutsche Bank AG boosted their target price on QEP Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, June 14th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. QEP Resources currently has an average rating of “Buy” and an average target price of $22.38.
QEP Resources (NYSE:QEP) opened at 18.53 on Friday. The firm has a 50-day moving average price of $18.67 and a 200-day moving average price of $17.76. The stock’s market cap is $4.44 billion. QEP Resources has a one year low of $8.54 and a one year high of $20.96.
QEP Resources (NYSE:QEP) last issued its quarterly earnings data on Wednesday, July 27th. The company reported ($0.23) earnings per share for the quarter, beating 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 business earned $0.09 earnings per share. The firm’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, equities analysts predict that QEP Resources will post ($1.19) earnings per share for the current year.
Several hedge funds have recently modified their holdings of the stock. Canada Pension Plan Investment Board increased its stake in shares of QEP Resources by 7.3% in the first quarter. Canada Pension Plan Investment Board now owns 290,600 shares of the company’s stock valued at $4,100,000 after buying an additional 19,700 shares in the last quarter. Spark Investment Management LLC acquired a new position in QEP Resources during the first quarter valued at $1,082,000. JPMorgan Chase & Co. increased its position in QEP Resources by 173.1% in the first quarter. JPMorgan Chase & Co. now owns 471,590 shares of the company’s stock valued at $6,655,000 after buying an additional 298,907 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in QEP Resources by 5.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,825,746 shares of the company’s stock valued at $82,201,000 after buying an additional 293,965 shares during the period. Finally, BlackRock Fund Advisors increased its position in QEP Resources by 18.2% in the first quarter. BlackRock Fund Advisors now owns 6,982,556 shares of the company’s stock valued at $98,524,000 after buying an additional 1,077,086 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.
QEP Resources Company Profile
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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