Zacks Investment Research cut shares of QEP Resources (NYSE:QEP) from a buy rating to a hold rating in a research report released on Monday morning.
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. However, the company, which derives its reserves/production from oil and natural gas, is exposed to volatile commodity prices. This is also reflected in the share price of the company which has declined about 58% over a year, underperforming the broader industry. Therefore, until oil and gas realizations improve further, we maintain a cautious stance on QEP shares.”
A number of other equities research analysts have also weighed in on QEP. B. Riley began coverage on shares of QEP Resources in a report on Monday, February 5th. They set a neutral rating and a $10.50 price objective on the stock. Deutsche Bank began coverage on shares of QEP Resources in a report on Thursday, February 1st. They set a hold rating and a $11.00 price objective on the stock. ValuEngine lowered shares of QEP Resources from a sell rating to a strong sell rating in a report on Friday, February 2nd. Mizuho raised shares of QEP Resources from a neutral rating to a buy rating in a report on Tuesday, November 21st. Finally, SunTrust Banks reissued a hold rating and set a $9.00 price objective on shares of QEP Resources in a report on Wednesday, November 1st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. QEP Resources has an average rating of Hold and a consensus price target of $12.54.
Large investors have recently bought and sold shares of the business. Kornitzer Capital Management Inc. KS purchased a new stake in QEP Resources in the fourth quarter valued at $100,000. Savant Capital LLC acquired a new position in shares of QEP Resources in the fourth quarter worth about $108,000. Suntrust Banks Inc. raised its position in shares of QEP Resources by 5.8% in the second quarter. Suntrust Banks Inc. now owns 13,536 shares of the pipeline company’s stock worth $135,000 after acquiring an additional 748 shares during the period. Macquarie Group Ltd. raised its position in shares of QEP Resources by 17,375.0% in the fourth quarter. Macquarie Group Ltd. now owns 13,980 shares of the pipeline company’s stock worth $9,481,000 after acquiring an additional 13,900 shares during the period. Finally, Tocqueville Asset Management L.P. acquired a new position in shares of QEP Resources in the fourth quarter worth about $141,000. 93.47% of the stock is currently owned by institutional investors.
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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