Capstone Asset Management Co. raised its stake in shares of QEP Resources Inc. (NYSE:QEP) by 8.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,027 shares of the company’s stock after buying an additional 1,190 shares during the period. Capstone Asset Management Co.’s holdings in QEP Resources were worth $265,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of QEP. Benin Management CORP increased its position in shares of QEP Resources by 36.6% in the second quarter. Benin Management CORP now owns 14,550 shares of the company’s stock worth $257,000 after buying an additional 3,900 shares during the period. OMERS ADMINISTRATION Corp purchased a new position in shares of QEP Resources during the first quarter worth approximately $260,000. Pacad Investment Ltd. purchased a new position in shares of QEP Resources during the first quarter worth approximately $283,000. Rafferty Asset Management LLC increased its position in shares of QEP Resources by 28.2% in the first quarter. Rafferty Asset Management LLC now owns 26,267 shares of the company’s stock worth $371,000 after buying an additional 5,776 shares during the period. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of QEP Resources during the first quarter worth approximately $400,000. Hedge funds and other institutional investors own 87.51% of the company’s stock.
QEP Resources Inc. (NYSE:QEP) traded down 2.19% during mid-day trading on Friday, reaching $18.30. 5,892,283 shares of the company’s stock were exchanged. QEP Resources Inc. has a 52-week low of $8.54 and a 52-week high of $20.96. The company has a 50-day moving average of $18.92 and a 200-day moving average of $17.22. The stock’s market cap is $4.38 billion.
QEP Resources (NYSE:QEP) last announced its earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.12. The company earned $333.70 million during the quarter, compared to the consensus estimate of $362.17 million. QEP Resources had a negative net margin of 67.39% and a negative return on equity of 4.04%. The firm’s revenue for the quarter was down 41.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 earnings per share. Equities research analysts anticipate that QEP Resources Inc. will post ($1.19) earnings per share for the current year.
A number of brokerages have recently commented on QEP. FBR & Co began coverage on shares of QEP Resources in a research report on Thursday, July 21st. They issued a “market perform” rating and a $19.00 price objective for the company. Simmons raised shares of QEP Resources from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $20.00 to $24.00 in a research report on Wednesday, June 15th. Zacks Investment Research raised shares of QEP Resources from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Wednesday, June 29th. BMO Capital Markets raised shares of QEP Resources from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $18.00 to $24.00 in a research report on Monday, July 18th. They noted that the move was a valuation call. Finally, Drexel Hamilton reissued a “buy” rating and issued a $33.00 price objective on shares of QEP Resources in a research report on Wednesday, June 22nd. Three equities research 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 company. The stock presently has a consensus rating of “Buy” and a consensus target price of $22.14.
In related news, CEO Charles B. Stanley acquired 16,763 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $299,219.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.36% of the company’s stock.
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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