Millennium Management LLC cut its position in shares of QEP Resources Inc (NYSE:QEP) by 49.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,090,865 shares of the pipeline company’s stock after selling 3,040,620 shares during the period. Millennium Management LLC owned 1.30% of QEP Resources worth $30,260,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Swiss National Bank increased its stake in shares of QEP Resources by 3.5% during the 4th quarter. Swiss National Bank now owns 415,742 shares of the pipeline company’s stock worth $3,979,000 after purchasing an additional 14,000 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of QEP Resources by 8.8% during the 4th quarter. TIAA CREF Investment Management LLC now owns 1,021,061 shares of the pipeline company’s stock worth $9,772,000 after purchasing an additional 82,993 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of QEP Resources by 3,131.7% during the 1st quarter. Hsbc Holdings PLC now owns 1,221,630 shares of the pipeline company’s stock worth $11,959,000 after purchasing an additional 1,183,829 shares during the last quarter. HBK Investments L P increased its stake in shares of QEP Resources by 59.9% during the 4th quarter. HBK Investments L P now owns 2,210,358 shares of the pipeline company’s stock worth $21,153,000 after purchasing an additional 828,436 shares during the last quarter. Finally, Gotham Asset Management LLC bought a new stake in shares of QEP Resources during the 4th quarter worth about $2,488,000. Institutional investors own 93.97% of the company’s stock.
QEP Resources opened at $12.24 on Thursday, according to MarketBeat Ratings. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 15.90 and a beta of 1.51. QEP Resources Inc has a 12-month low of $7.02 and a 12-month high of $13.74.
QEP Resources (NYSE:QEP) last posted its quarterly earnings data on Wednesday, April 25th. The pipeline company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.01). The business had revenue of $428.90 million during the quarter, compared to the consensus estimate of $369.94 million. QEP Resources had a net margin of 8.51% and a return on equity of 4.66%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.14) EPS. research analysts forecast that QEP Resources Inc will post -0.49 EPS for the current fiscal year.
QEP Resources announced that its board has initiated a share buyback plan on Wednesday, February 28th that allows the company to repurchase $1.25 billion in shares. This repurchase authorization allows the pipeline company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Several analysts recently commented on the stock. B. Riley lifted their target price on shares of QEP Resources from $9.75 to $12.25 and gave the stock a “neutral” rating in a report on Monday, June 11th. ValuEngine raised shares of QEP Resources from a “sell” rating to a “hold” rating in a report on Wednesday, May 16th. Piper Jaffray Companies downgraded shares of QEP Resources from an “overweight” rating to a “neutral” rating and set a $12.00 target price for the company. in a report on Tuesday, May 1st. Zacks Investment Research downgraded shares of QEP Resources from a “hold” rating to a “sell” rating in a report on Thursday, April 26th. Finally, Williams Capital reaffirmed a “buy” rating and set a $16.00 target price on shares of QEP Resources in a report on Thursday, April 26th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $12.63.
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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