QEP Resources, Inc. (NYSE:QEP) Trading 1.9% Higher Following Insider Buying Activity
QEP Resources, Inc. (NYSE:QEP) shot up 1.9% during mid-day trading on Monday after an insider bought additional shares in the company. The stock traded as high as $8.54 and last traded at $8.50, with a volume of 4,583,922 shares traded. The stock had previously closed at $8.34.
Specifically, CFO Richard J. Doleshek purchased 12,500 shares of the stock in a transaction dated Friday, July 28th. The shares were bought at an average cost of $7.91 per share, with a total value of $98,875.00. Following the completion of the transaction, the chief financial officer now owns 304,539 shares in the company, valued at approximately $2,408,903.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julie Dill purchased 5,000 shares of the stock in a transaction dated Friday, July 28th. The stock was acquired at an average cost of $8.49 per share, for a total transaction of $42,450.00. Following the completion of the transaction, the director now owns 5,525 shares of the company’s stock, valued at approximately $46,907.25. The disclosure for this purchase can be found here. Company insiders own 1.36% of the company’s stock.
A number of research firms recently weighed in on QEP. J P Morgan Chase & Co downgraded QEP Resources from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $11.00 to $9.00 in a research report on Thursday, July 27th. National Securities began coverage on QEP Resources in a research report on Monday, July 31st. They set a “buy” rating and a $11.00 target price on the stock. BidaskClub downgraded QEP Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Cowen and Company set a $12.00 target price on QEP Resources and gave the stock a “buy” rating in a research report on Wednesday, July 19th. Finally, BMO Capital Markets reissued a “buy” rating and set a $11.00 target price on shares of QEP Resources in a research report on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $16.53.
The stock’s 50-day moving average price is $8.90 and its 200-day moving average price is $11.82. The stock’s market capitalization is $1.76 billion.
QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, July 26th. The pipeline company reported ($0.12) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.08. QEP Resources had a negative net margin of 3.90% and a negative return on equity of 4.24%. The business had revenue of $383.70 million for the quarter, compared to analyst estimates of $413.27 million. During the same quarter last year, the business posted ($0.23) EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts forecast that QEP Resources, Inc. will post ($0.62) EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of QEP. Oregon Public Employees Retirement Fund raised its stake in shares of QEP Resources by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 84,517 shares of the pipeline company’s stock worth $1,074,000 after buying an additional 1,200 shares in the last quarter. Retirement Systems of Alabama raised its stake in shares of QEP Resources by 4.5% in the first quarter. Retirement Systems of Alabama now owns 582,834 shares of the pipeline company’s stock worth $7,408,000 after buying an additional 25,079 shares in the last quarter. Amalgamated Bank raised its stake in shares of QEP Resources by 3.9% in the first quarter. Amalgamated Bank now owns 35,909 shares of the pipeline company’s stock worth $456,000 after buying an additional 1,355 shares in the last quarter. Paloma Partners Management Co increased its position in QEP Resources by 13.3% in the first quarter. Paloma Partners Management Co now owns 133,439 shares of the pipeline company’s stock valued at $1,696,000 after buying an additional 15,632 shares during the last quarter. Finally, OppenheimerFunds Inc. increased its position in QEP Resources by 72.1% in the first quarter. OppenheimerFunds Inc. now owns 25,695 shares of the pipeline company’s stock valued at $327,000 after buying an additional 10,761 shares during the last quarter. Hedge funds and other institutional investors own 91.76% of the company’s stock.
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About QEP Resources
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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