QEP Resources (NYSE:QEP) was upgraded by research analysts at Stephens from an “equal” rating to an “overweight” rating in a note issued to investors on Wednesday, October 30th, Marketbeat Ratings reports. The firm presently has a $7.00 target price on the pipeline company’s stock. Stephens’ target price indicates a potential upside of 88.68% from the stock’s current price.
Several other research analysts also recently issued reports on QEP. Oppenheimer downgraded shares of QEP Resources from an “outperform” rating to a “market perform” rating and set a $7.25 price objective on the stock. in a research report on Tuesday, July 9th. CIBC reaffirmed a “market perform” rating on shares of QEP Resources in a report on Tuesday, July 9th. Raymond James downgraded shares of QEP Resources from a “strong-buy” rating to a “market perform” rating in a report on Thursday, August 8th. Piper Jaffray Companies raised shares of QEP Resources from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $3.50 to $6.00 in a report on Monday, October 28th. Finally, BMO Capital Markets initiated coverage on shares of QEP Resources in a report on Tuesday, September 10th. They issued a “market perform” rating and a $5.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. QEP Resources currently has an average rating of “Hold” and a consensus price target of $8.00.
Shares of QEP traded up $0.08 during midday trading on Wednesday, reaching $3.71. The stock had a trading volume of 6,087,436 shares, compared to its average volume of 6,011,726. The company’s fifty day simple moving average is $3.44 and its two-hundred day simple moving average is $5.26. QEP Resources has a 1-year low of $2.58 and a 1-year high of $9.31. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $842.97 million, a price-to-earnings ratio of -21.82 and a beta of 1.98.
In other news, Director David A. Trice acquired 10,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $3.80 per share, with a total value of $38,000.00. Following the completion of the transaction, the director now directly owns 60,000 shares in the company, valued at approximately $228,000. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michael J. Minarovic bought 60,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $4.00 per share, with a total value of $240,000.00. Following the completion of the acquisition, the director now owns 14,034 shares of the company’s stock, valued at approximately $56,136. The disclosure for this purchase can be found here. In the last three months, insiders bought 120,000 shares of company stock valued at $453,000. Company insiders own 1.71% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in QEP. FMR LLC grew its holdings in QEP Resources by 1.8% in the first quarter. FMR LLC now owns 2,252,517 shares of the pipeline company’s stock valued at $17,547,000 after purchasing an additional 40,383 shares during the period. Retirement Systems of Alabama grew its stake in QEP Resources by 0.6% during the second quarter. Retirement Systems of Alabama now owns 309,622 shares of the pipeline company’s stock worth $2,239,000 after buying an additional 1,930 shares during the period. Nisa Investment Advisors LLC purchased a new stake in QEP Resources during the second quarter worth approximately $262,000. Clear Street Markets LLC purchased a new stake in QEP Resources during the second quarter worth approximately $145,000. Finally, CWM Advisors LLC grew its stake in QEP Resources by 36.7% during the second quarter. CWM Advisors LLC now owns 29,951 shares of the pipeline company’s stock worth $217,000 after buying an additional 8,046 shares during the period. Hedge funds and other institutional investors own 99.39% of the company’s stock.
QEP Resources Company Profile
QEP Resources, Inc operates as a crude oil and natural gas exploration and production company in the United States. The company conducts exploration and production activities in the Permian Basin in Western Texas; and Williston Basin in North Dakota. As of December 31, 2018, it had estimated proved reserves of approximately 658.2 MMboe.
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