Zacks Investment Research Upgrades QEP Resources (QEP) to “Buy”
Zacks Investment Research upgraded shares of QEP Resources (NYSE:QEP) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $9.50 price target on the pipeline company’s stock.
According to Zacks, “With a diversified asset base, exposure to emerging plays and increased focus on the quality acreage of the prolific Permian Basin, this mid-cap onshore-focused E&P offers a compelling value. QEP Resources has maintained its excellent track record of earnings surprise history, beating estimates in each of the last eleven quarters. Since its split from Questar Corp. in 2010, QEP has established a strong track record of production growth, while maintaining a competitive cost structure that has enabled the company to maintain its margins amid low oil prices. With focus on operating efficiency, a robust balance sheet and ample liquidity, we believe QEP is well positioned going forward and view it as an attractive investment.”
QEP has been the topic of a number of other research reports. SunTrust Banks restated a hold rating and issued a $9.00 price objective on shares of QEP Resources in a report on Wednesday, November 1st. Mizuho set a $15.00 price objective on QEP Resources and gave the company a buy rating in a report on Tuesday, January 16th. BMO Capital Markets set a $11.00 price objective on QEP Resources and gave the company a buy rating in a report on Tuesday, November 14th. Piper Jaffray Companies restated a buy rating and issued a $12.00 price objective on shares of QEP Resources in a report on Sunday, October 22nd. Finally, ValuEngine lowered QEP Resources from a sell rating to a strong sell rating in a report on Friday, February 2nd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. QEP Resources has a consensus rating of Hold and a consensus price target of $12.59.
Several hedge funds and other institutional investors have recently bought and sold shares of QEP. UBS Asset Management Americas Inc. raised its holdings in QEP Resources by 15.4% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 271,533 shares of the pipeline company’s stock valued at $2,742,000 after buying an additional 36,143 shares during the period. Vanguard Group Inc. raised its holdings in QEP Resources by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 20,078,248 shares of the pipeline company’s stock valued at $202,790,000 after buying an additional 223,181 shares during the period. California Public Employees Retirement System raised its holdings in QEP Resources by 2.9% in the 2nd quarter. California Public Employees Retirement System now owns 801,325 shares of the pipeline company’s stock valued at $8,093,000 after buying an additional 22,600 shares during the period. M&T Bank Corp raised its holdings in QEP Resources by 33.0% in the 2nd quarter. M&T Bank Corp now owns 24,807 shares of the pipeline company’s stock valued at $249,000 after buying an additional 6,149 shares during the period. Finally, Suntrust Banks Inc. raised its holdings in QEP Resources by 5.8% in the 2nd quarter. Suntrust Banks Inc. now owns 13,536 shares of the pipeline company’s stock valued at $135,000 after buying an additional 748 shares during the period. Institutional investors and hedge funds own 93.41% of the company’s stock.
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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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