Prudential Financial Inc. increased its stake in QEP Resources Inc. (NYSE:QEP) by 601.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 799,241 shares of the company’s stock after buying an additional 685,294 shares during the period. Prudential Financial Inc. owned about 0.33% of QEP Resources worth $14,091,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. ClariVest Asset Management LLC acquired a new position in shares of QEP Resources during the second quarter worth about $105,000. Quantbot Technologies LP acquired a new position in shares of QEP Resources during the second quarter worth about $119,000. Wright Investors Service Inc. acquired a new position in shares of QEP Resources during the second quarter worth about $183,000. MUFG Americas Holdings Corp increased its position in shares of QEP Resources by 201.4% in the second quarter. MUFG Americas Holdings Corp now owns 11,255 shares of the company’s stock worth $198,000 after buying an additional 7,521 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of QEP Resources by 461.3% in the second quarter. Meeder Asset Management Inc. now owns 12,428 shares of the company’s stock worth $220,000 after buying an additional 10,214 shares in the last quarter. 87.51% of the stock is currently owned by hedge funds and other institutional investors.
QEP Resources Inc. (NYSE:QEP) opened at 19.53 on Friday. The stock has a 50 day moving average price of $18.89 and a 200 day moving average price of $17.46. The company’s market capitalization is $4.68 billion. QEP Resources Inc. has a 12-month low of $8.54 and a 12-month high of $20.96.
QEP Resources (NYSE:QEP) last issued 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 had revenue of $333.70 million for 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 was down 41.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 EPS. On average, analysts expect that QEP Resources Inc. will post ($1.19) EPS for the current year.
A number of research analysts have recently issued reports on QEP shares. Wells Fargo & Co. reissued a “market perform” rating on shares of QEP Resources in a research note on Wednesday, July 6th. BMO Capital Markets raised QEP Resources from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $24.00 in a research note on Monday, July 18th. They noted that the move was a valuation call. FBR & Co started coverage on QEP Resources in a research note on Thursday, July 21st. They issued a “market perform” rating and a $19.00 price objective on the stock. KLR Group reissued a “buy” rating and issued a $32.00 price objective (up from $31.00) on shares of QEP Resources in a research note on Tuesday, August 2nd. Finally, Drexel Hamilton started coverage on QEP Resources in a research note on Tuesday, June 7th. They issued a “buy” rating and a $33.00 price objective on the stock. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. QEP Resources presently has a consensus rating of “Buy” and an average target price of $22.14.
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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