Wells Fargo & Company MN reduced its stake in shares of QEP Resources Inc (NYSE:QEP) by 6.9% in the 4th quarter, HoldingsChannel reports. The fund owned 1,825,701 shares of the pipeline company’s stock after selling 134,619 shares during the quarter. Wells Fargo & Company MN’s holdings in QEP Resources were worth $17,471,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in QEP. Crossmark Global Holdings Inc. acquired a new position in QEP Resources during the 3rd quarter worth $179,000. Canada Pension Plan Investment Board grew its holdings in QEP Resources by 10.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 488,000 shares of the pipeline company’s stock worth $4,182,000 after acquiring an additional 47,300 shares in the last quarter. Dupont Capital Management Corp acquired a new position in QEP Resources during the 3rd quarter worth $280,000. Chicago Equity Partners LLC acquired a new position in QEP Resources during the 3rd quarter worth $1,422,000. Finally, Stevens Capital Management LP acquired a new position in QEP Resources during the 3rd quarter worth $193,000. 94.34% of the stock is owned by institutional investors.
Several research analysts have recently commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of QEP Resources from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, March 5th. B. Riley set a $10.00 price target on shares of QEP Resources and gave the company a “hold” rating in a report on Friday. ValuEngine raised shares of QEP Resources from a “sell” rating to a “hold” rating in a report on Thursday, March 1st. Williams Capital set a $18.00 price target on shares of QEP Resources and gave the company a “buy” rating in a report on Thursday, March 1st. Finally, Deutsche Bank assumed coverage on shares of QEP Resources in a report on Thursday, February 1st. They issued a “hold” rating and a $11.00 price target for the company. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. QEP Resources has a consensus rating of “Hold” and an average price target of $12.87.
Shares of QEP Resources Inc (QEP) opened at $9.30 on Monday. The firm has a market cap of $2,241.01, a PE ratio of 12.08 and a beta of 1.70. QEP Resources Inc has a 52-week low of $7.02 and a 52-week high of $13.67. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.29 and a quick ratio of 0.28.
QEP Resources (NYSE:QEP) last issued its quarterly earnings data on Wednesday, February 28th. The pipeline company reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $1.20. The firm had revenue of $429.00 million for the quarter, compared to the consensus estimate of $392.01 million. QEP Resources had a net margin of 16.59% and a return on equity of 5.06%. QEP Resources’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.15) EPS. equities analysts predict that QEP Resources Inc will post -0.42 earnings per share for the current year.
QEP Resources announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 28th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the pipeline company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
QEP Resources Profile
QEP Resources, Inc is an independent crude oil and natural gas exploration and production company. The Company focuses on two regions of the United States: the Northern Region (primarily in North Dakota, Wyoming and Utah) and the Southern Region (primarily in Texas and Louisiana). The Company conducts exploration and production activities in North America’s hydrocarbon resource plays.
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