Mitchell Group Inc. Boosts Position in QEP Resources, Inc. (QEP)
Mitchell Group Inc. raised its stake in shares of QEP Resources, Inc. (NYSE:QEP) by 63.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,870,290 shares of the pipeline company’s stock after buying an additional 728,590 shares during the period. QEP Resources comprises 3.0% of Mitchell Group Inc.’s portfolio, making the stock its 22nd largest position. Mitchell Group Inc. owned 0.78% of QEP Resources worth $18,890,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of QEP. Commerce Bank acquired a new stake in QEP Resources during the second quarter valued at about $102,000. Pitcairn Co. boosted its position in shares of QEP Resources by 4.3% in the second quarter. Pitcairn Co. now owns 13,512 shares of the pipeline company’s stock valued at $136,000 after buying an additional 563 shares in the last quarter. Suntrust Banks Inc. boosted 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 valued at $161,000 after buying an additional 651 shares in the last quarter. Flinton Capital Management LLC boosted its position in shares of QEP Resources by 4.4% in the first quarter. Flinton Capital Management LLC now owns 13,040 shares of the pipeline company’s stock valued at $166,000 after buying an additional 544 shares in the last quarter. Finally, Parkwood LLC purchased a new position in shares of QEP Resources during the second quarter valued at approximately $191,000. 93.21% of the stock is currently owned by institutional investors.
QEP Resources, Inc. (QEP) traded down 0.40% during trading on Friday, reaching $7.52. 3,582,950 shares of the company’s stock were exchanged. QEP Resources, Inc. has a 12-month low of $7.02 and a 12-month high of $21.12. The stock’s 50-day moving average is $8.00 and its 200-day moving average is $10.74. The company’s market cap is $1.81 billion.
QEP Resources (NYSE:QEP) last released its quarterly earnings data on Wednesday, July 26th. The pipeline company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.08. The firm had revenue of $383.70 million for the quarter, compared to analysts’ expectations of $413.27 million. QEP Resources had a negative net margin of 3.90% and a negative return on equity of 4.24%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.23) earnings per share. Analysts predict that QEP Resources, Inc. will post ($0.61) EPS for the current fiscal year.
Several equities analysts recently commented on the stock. Credit Suisse Group assumed coverage on shares of QEP Resources in a research note on Thursday, June 1st. They set a “neutral” rating and a $15.00 price objective for the company. J P Morgan Chase & Co cut shares of QEP Resources from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $11.00 to $9.00 in a research note on Thursday, July 27th. Wolfe Research assumed coverage on shares of QEP Resources in a research note on Thursday, June 15th. They set a “market perform” rating for the company. Cowen and Company set a $12.00 price objective on shares of QEP Resources and gave the company a “buy” rating in a research note on Wednesday, July 19th. Finally, National Securities assumed coverage on shares of QEP Resources in a research note on Monday, July 31st. They set a “buy” rating and a $11.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $16.53.
In related news, Director David A. Trice acquired 25,000 shares of QEP Resources stock in a transaction dated Thursday, August 17th. The shares were purchased at an average price of $7.20 per share, for a total transaction of $180,000.00. Following the completion of the transaction, the director now directly owns 40,000 shares in the company, valued at approximately $288,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Julie Dill acquired 5,000 shares of QEP Resources stock in a transaction dated Friday, July 28th. The shares were bought at an average price of $8.49 per share, for a total transaction of $42,450.00. Following the transaction, the director now owns 5,525 shares of the company’s stock, valued at $46,907.25. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 42,500 shares of company stock worth $321,325. Company insiders own 1.36% of the company’s stock.
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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