Qep Resources (QEP) Shares Gap Up to $11.55

Qep Resources (NYSE:QEP) gapped up prior to trading on Wednesday . The stock had previously closed at $11.31, but opened at $11.55. Qep Resources shares last traded at $12.11, with a volume of 7377472 shares trading hands.

A number of brokerages recently weighed in on QEP. SunTrust Banks set a $12.00 price objective on shares of Qep Resources and gave the company a “hold” rating in a research note on Monday. Zacks Investment Research cut shares of Qep Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, April 11th. ValuEngine cut shares of Qep Resources from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. Johnson Rice began coverage on shares of Qep Resources in a research note on Wednesday, March 21st. They set a “buy” rating and a $19.00 price objective on the stock. Finally, TheStreet upgraded shares of Qep Resources from a “d” rating to a “c-” rating in a research note on Tuesday, March 13th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. Qep Resources currently has an average rating of “Hold” and a consensus price target of $12.86.

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The company has a current ratio of 0.29, a quick ratio of 0.28 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $2,739.82, a P/E ratio of 15.73 and a beta of 1.53.

Qep Resources (NYSE:QEP) last issued its quarterly earnings results on Wednesday, February 28th. The pipeline company reported $1.13 EPS for the quarter, topping the consensus estimate of ($0.07) by $1.20. Qep Resources had a net margin of 16.59% and a return on equity of 5.06%. The firm had revenue of $429.00 million for the quarter, compared to analysts’ expectations of $392.01 million. During the same period in the previous year, the business earned ($0.15) earnings per share. Qep Resources’s revenue for the quarter was up 7.3% compared to the same quarter last year. sell-side analysts expect that Qep Resources will post -0.7 EPS for the current fiscal year.

Qep Resources announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 28th that allows the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization allows the pipeline company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In other Qep Resources news, Director David A. Trice purchased 10,000 shares of the company’s stock in a transaction on Thursday, March 8th. The shares were purchased at an average cost of $9.00 per share, for a total transaction of $90,000.00. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at $450,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. Legal & General Group Plc increased its stake in Qep Resources by 11.5% in the 3rd quarter. Legal & General Group Plc now owns 368,973 shares of the pipeline company’s stock worth $3,162,000 after purchasing an additional 37,976 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Qep Resources by 47.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,715,171 shares of the pipeline company’s stock worth $57,549,000 after purchasing an additional 2,166,476 shares in the last quarter. OxFORD Asset Management LLP purchased a new position in Qep Resources in the 3rd quarter worth about $611,000. Cornerstone Capital Management Holdings LLC. increased its stake in Qep Resources by 32.4% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 110,642 shares of the pipeline company’s stock worth $947,000 after purchasing an additional 27,072 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Qep Resources by 991.0% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 126,874 shares of the pipeline company’s stock worth $1,087,000 after purchasing an additional 115,245 shares in the last quarter. Hedge funds and other institutional investors own 93.96% of the company’s stock.

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Qep Resources Company 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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