Metropolitan Life Insurance Co. NY reduced its position in shares of Qep Resources (NYSE:QEP) by 69.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,977 shares of the pipeline company’s stock after selling 157,259 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Qep Resources were worth $660,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Sei Investments Co. lifted its holdings in Qep Resources by 55.7% in the third quarter. Sei Investments Co. now owns 97,073 shares of the pipeline company’s stock worth $832,000 after buying an additional 34,730 shares during the period. Legal & General Group Plc lifted its holdings in Qep Resources by 11.5% in the third quarter. Legal & General Group Plc now owns 368,973 shares of the pipeline company’s stock worth $3,162,000 after buying an additional 37,976 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Qep Resources by 47.6% in the third quarter. Dimensional Fund Advisors LP now owns 6,715,171 shares of the pipeline company’s stock worth $57,549,000 after buying an additional 2,166,476 shares during the period. OxFORD Asset Management LLP purchased a new stake in Qep Resources in the third quarter worth about $611,000. Finally, Cornerstone Capital Management Holdings LLC. lifted its holdings in Qep Resources by 32.4% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 110,642 shares of the pipeline company’s stock worth $947,000 after buying an additional 27,072 shares during the period. Institutional investors own 93.95% of the company’s stock.
Several analysts have commented on the stock. Zacks Investment Research upgraded shares of Qep Resources from a “hold” rating to a “buy” rating and set a $8.75 price objective for the company in a report on Tuesday, February 13th. Deutsche Bank initiated coverage on shares of Qep Resources in a report on Thursday, February 1st. They set a “hold” rating and a $11.00 target price for the company. B. Riley initiated coverage on shares of Qep Resources in a report on Monday, February 5th. They set a “neutral” rating and a $10.50 target price for the company. Williams Capital set a $18.00 target price on shares of Qep Resources and gave the company a “buy” rating in a report on Thursday, March 1st. Finally, Credit Suisse Group initiated coverage on shares of Qep Resources in a report on Monday, December 11th. They set an “underperform” rating and a $9.00 target price for the company. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $13.10.
Shares of QEP opened at $9.79 on Monday. The company has a market cap of $2,359.09, a P/E ratio of 12.71 and a beta of 1.53. The company has a quick ratio of 0.28, a current ratio of 0.29 and a debt-to-equity ratio of 0.57. Qep Resources has a twelve month low of $7.02 and a twelve month high of $12.90.
Qep Resources (NYSE:QEP) last announced its quarterly earnings results on Wednesday, February 28th. The pipeline company reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $1.20. The company had revenue of $429.00 million during the quarter, compared to the consensus estimate of $392.01 million. Qep Resources had a net margin of 16.59% and a return on equity of 5.06%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.15) earnings per share. sell-side analysts anticipate that Qep Resources will post -0.65 EPS for the current fiscal year.
Qep Resources announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 28th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the pipeline company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, Director David A. Trice purchased 10,000 shares of Qep Resources stock in a transaction that occurred on Thursday, March 8th. The stock was bought at an average price of $9.00 per share, with a total value of $90,000.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $450,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.36% of the stock is owned by company insiders.
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Qep Resources Profile
QEP Resources, Inc, through its subsidiaries, operates as a natural gas and crude oil exploration and production company in the United States. The company conducts exploration and production activities in the Permian Basin in western Texas, Williston Basin in North Dakota, Haynesville/Cotton Valley in northwestern Louisiana, Uinta Basin in eastern Utah, and other proven properties in Wyoming, Utah, and Colorado.
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