Goldman Sachs Group Inc. started coverage on shares of QEP Resources Inc. (NYSE:QEP) in a research report sent to investors on Thursday morning. The firm issued a neutral rating and a $21.00 target price on the stock.
Several other analysts have also recently commented on the company. Wells Fargo & Co. restated a market perform rating on shares of QEP Resources in a report on Wednesday, July 6th. BMO Capital Markets upgraded QEP Resources from a market perform rating to an outperform rating and lifted their price target for the company from $18.00 to $24.00 in a report on Monday, July 18th. They noted that the move was a valuation call. FBR & Co started coverage on QEP Resources in a report on Thursday, July 21st. They issued a market perform rating and a $19.00 price target for the company. 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 report on Tuesday, August 2nd. Finally, Barclays PLC lifted their price target on QEP Resources from $13.00 to $17.00 and gave the company an equal weight rating in a report on Thursday, July 14th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $22.38.
Shares of QEP Resources (NYSE:QEP) opened at 18.53 on Thursday. The company’s 50 day moving average is $18.67 and its 200-day moving average is $17.76. QEP Resources has a 1-year low of $8.54 and a 1-year high of $20.96. The stock’s market capitalization is $4.44 billion.
QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.12. The company earned $333.70 million during the quarter, compared to analysts’ expectations of $362.17 million. QEP Resources had a negative return on equity of 4.04% and a negative net margin of 67.39%. The firm’s revenue was down 41.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. Equities analysts anticipate that QEP Resources will post ($1.19) earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of QEP Resources during the fourth quarter worth about $34,055,000. Texas Permanent School Fund raised its position in shares of QEP Resources by 14.7% in the first quarter. Texas Permanent School Fund now owns 152,564 shares of the company’s stock worth $2,153,000 after buying an additional 19,514 shares during the last quarter. Pacad Investment Ltd. acquired a new position in shares of QEP Resources during the first quarter worth about $283,000. Ngam Advisors L.P. raised its position in shares of QEP Resources by 11.9% in the first quarter. Ngam Advisors L.P. now owns 134,000 shares of the company’s stock worth $1,891,000 after buying an additional 14,290 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of QEP Resources by 110.7% in the first quarter. TIAA CREF Investment Management LLC now owns 1,047,334 shares of the company’s stock worth $14,778,000 after buying an additional 550,264 shares during the last quarter. 87.51% of the stock is currently owned by institutional investors.
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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