Rhumbline Advisers decreased its stake in shares of QEP Resources Inc (NYSE:QEP) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 777,963 shares of the pipeline company’s stock after selling 6,666 shares during the period. Rhumbline Advisers’ holdings in QEP Resources were worth $2,878,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in QEP. BlackRock Inc. boosted its holdings in shares of QEP Resources by 31.8% during the 2nd quarter. BlackRock Inc. now owns 28,182,615 shares of the pipeline company’s stock worth $203,761,000 after buying an additional 6,792,284 shares during the period. Wells Fargo & Company MN raised its stake in QEP Resources by 67.1% in the 2nd quarter. Wells Fargo & Company MN now owns 5,873,927 shares of the pipeline company’s stock worth $42,469,000 after purchasing an additional 2,358,578 shares in the last quarter. Nuveen Asset Management LLC raised its stake in QEP Resources by 4,106.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,602,946 shares of the pipeline company’s stock worth $11,590,000 after purchasing an additional 1,564,839 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in QEP Resources by 296.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,758,486 shares of the pipeline company’s stock worth $12,714,000 after purchasing an additional 1,314,536 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in QEP Resources by 46.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,676,369 shares of the pipeline company’s stock worth $12,121,000 after purchasing an additional 533,086 shares in the last quarter. 99.55% of the stock is owned by institutional investors and hedge funds.
Several analysts have weighed in on QEP shares. ValuEngine upgraded shares of QEP Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Williams Capital upgraded shares of QEP Resources from a “hold” rating to a “buy” rating and set a $5.00 price objective for the company in a research note on Thursday, October 24th. Piper Jaffray Companies upgraded shares of QEP Resources from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $3.50 to $6.00 in a research note on Monday, October 28th. BMO Capital Markets started coverage on shares of QEP Resources in a research note on Tuesday, September 10th. They issued a “market perform” rating and a $5.00 price objective for the company. Finally, Raymond James cut shares of QEP Resources from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $8.00.
QEP Resources (NYSE:QEP) last issued its earnings results on Wednesday, October 23rd. The pipeline company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $307.50 million during the quarter, compared to analysts’ expectations of $295.03 million. QEP Resources had a negative net margin of 47.59% and a positive return on equity of 0.30%. The business’s revenue for the quarter was down 45.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 EPS. Research analysts expect that QEP Resources Inc will post 0.25 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Thursday, November 14th. QEP Resources’s payout ratio is presently -47.06%.
In other news, CFO Richard J. Doleshek bought 25,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $3.50 per share, for a total transaction of $87,500.00. Following the transaction, the chief financial officer now owns 533,723 shares of the company’s stock, valued at $1,868,030.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David A. Trice bought 10,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was purchased 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 disclosure for this purchase can be found here. Insiders bought a total of 120,000 shares of company stock valued at $453,000 over the last 90 days. Corporate insiders own 1.71% of the company’s stock.
QEP Resources 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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