California Public Employees Retirement System cut its position in shares of QEP Resources, Inc. (NYSE:QEP) by 9.8% during the first quarter, Holdings Channel reports. The institutional investor owned 778,725 shares of the pipeline company’s stock after selling 84,700 shares during the period. California Public Employees Retirement System’s holdings in QEP Resources were worth $9,898,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Flinton Capital Management LLC acquired a new position in shares of QEP Resources during the fourth quarter worth approximately $230,000. Suntrust Banks Inc. increased its position in shares of QEP Resources by 5.4% in the first quarter. Suntrust Banks Inc. now owns 12,788 shares of the pipeline company’s stock worth $161,000 after buying an additional 651 shares in the last quarter. Pitcairn Co. increased its position in shares of QEP Resources by 1.9% in the first quarter. Pitcairn Co. now owns 12,949 shares of the pipeline company’s stock worth $164,000 after buying an additional 239 shares in the last quarter. Meadow Creek Investment Management LLC increased its position in shares of QEP Resources by 4.4% in the first quarter. Meadow Creek Investment Management LLC now owns 17,930 shares of the pipeline company’s stock worth $228,000 after buying an additional 748 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of QEP Resources by 19.6% in the first quarter. M&T Bank Corp now owns 18,658 shares of the pipeline company’s stock worth $237,000 after buying an additional 3,064 shares in the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.
Shares of QEP Resources, Inc. (NYSE:QEP) opened at 9.67 on Monday. The stock’s 50 day moving average price is $10.55 and its 200-day moving average price is $14.33. QEP Resources, Inc. has a 12 month low of $8.78 and a 12 month high of $21.12. The firm’s market capitalization is $2.33 billion.
QEP Resources (NYSE:QEP) last released its quarterly earnings data on Wednesday, April 26th. The pipeline company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. The company had revenue of $420.10 million for the quarter, compared to the consensus estimate of $402.16 million. QEP Resources had a negative return on equity of 4.78% and a negative net margin of 19.81%. The company’s quarterly revenue was up 60.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.53) earnings per share. On average, equities analysts anticipate that QEP Resources, Inc. will post ($0.70) earnings per share for the current fiscal year.
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A number of research analysts have commented on the company. BidaskClub raised QEP Resources from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Wolfe Research assumed coverage on QEP Resources in a report on Thursday, June 15th. They set a “market perform” rating on the stock. FBR & Co set a $20.00 target price on QEP Resources and gave the stock a “buy” rating in a report on Saturday, April 15th. Deutsche Bank AG reduced their target price on QEP Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, March 7th. Finally, Credit Suisse Group assumed coverage on QEP Resources in a report on Thursday, June 1st. They set a “neutral” rating and a $15.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $20.50.
QEP Resources Company Profile
QEP Resources, Inc is an independent crude oil and natural gas exploration and production company. The Company focuses on two regions of the United States: the Northern Region (primarily in North Dakota, Wyoming and Utah) and the Southern Region (primarily in Texas and Louisiana). The Company conducts exploration and production activities in North America’s hydrocarbon resource plays.
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