QEP Resources (NYSE:QEP) Cut to Market Perform at Raymond James

Raymond James cut shares of QEP Resources (NYSE:QEP) from a strong-buy rating to a market perform rating in a report published on Thursday, BenzingaRatingsTable reports.

Several other equities research analysts have also recently weighed in on the company. Oppenheimer cut QEP Resources from an outperform rating to a market perform rating and set a $7.25 target price for the company. in a research note on Tuesday, July 9th. SunTrust Banks set a $8.00 target price on QEP Resources and gave the stock a hold rating in a research note on Tuesday, April 23rd. Williams Capital restated a hold rating and set a $8.00 target price on shares of QEP Resources in a research note on Monday, July 22nd. Zacks Investment Research cut QEP Resources from a buy rating to a hold rating in a research note on Wednesday, May 22nd. Finally, CIBC restated a market perform rating on shares of QEP Resources in a research note on Tuesday, July 9th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the company’s stock. QEP Resources has a consensus rating of Hold and an average target price of $10.73.

NYSE QEP traded up $0.09 on Thursday, hitting $4.18. 6,592,563 shares of the company’s stock were exchanged, compared to its average volume of 7,633,687. The business has a 50-day moving average price of $5.91. The company has a current ratio of 0.72, a quick ratio of 0.59 and a debt-to-equity ratio of 0.77. QEP Resources has a 52 week low of $3.39 and a 52 week high of $12.05. The company has a market cap of $973.06 million, a PE ratio of -24.59 and a beta of 1.92.

QEP Resources (NYSE:QEP) last released its earnings results on Wednesday, August 7th. The pipeline company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.07). QEP Resources had a positive return on equity of 1.29% and a negative net margin of 44.56%. The business had revenue of $296.20 million for the quarter, compared to the consensus estimate of $293.93 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. The firm’s revenue for the quarter was down 44.4% on a year-over-year basis. On average, equities research analysts anticipate that QEP Resources will post 0.31 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 20th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Monday, August 19th.

In other news, CEO Timothy J. Cutt purchased 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was bought at an average cost of $4.04 per share, for a total transaction of $60,600.00. Following the purchase, the chief executive officer now owns 228,777 shares of the company’s stock, valued at $924,259.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.71% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in QEP. Northern Trust Corp raised its position in QEP Resources by 0.3% during the 4th quarter. Northern Trust Corp now owns 2,024,377 shares of the pipeline company’s stock worth $11,396,000 after purchasing an additional 6,235 shares during the last quarter. Dimensional Fund Advisors LP raised its position in QEP Resources by 4.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,055,887 shares of the pipeline company’s stock worth $101,655,000 after purchasing an additional 803,139 shares during the last quarter. Geode Capital Management LLC raised its position in QEP Resources by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 2,304,633 shares of the pipeline company’s stock worth $12,975,000 after purchasing an additional 65,774 shares during the last quarter. Two Sigma Advisers LP bought a new position in QEP Resources during the 4th quarter worth $1,493,000. Finally, Municipal Employees Retirement System of Michigan bought a new position in QEP Resources during the 4th quarter worth $321,000. 99.22% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for QEP Resources (NYSE:QEP)

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