Oppenheimer Downgrades QEP Resources (NYSE:QEP) to Market Perform

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QEP Resources (NYSE:QEP) was downgraded by Oppenheimer from an “outperform” rating to a “market perform” rating in a report released on Tuesday, MarketBeat.com reports. They presently have a $7.25 price target on the pipeline company’s stock. Oppenheimer’s target price indicates a potential upside of 2.69% from the company’s current price.

Several other research firms have also issued reports on QEP. SunTrust Banks set a $75.00 price target on shares of Cimarex Energy and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Tudor Pickering lowered shares of MEG Energy from a “buy” rating to a “hold” rating in a research report on Friday, June 7th. Zacks Investment Research lowered shares of Horiba from a “hold” rating to a “sell” rating in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. upped their price target on shares of Diageo from GBX 3,100 ($40.51) to GBX 3,200 ($41.81) and gave the stock a “neutral” rating in a research report on Friday, June 7th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of SM Energy in a research report on Friday, April 12th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $11.09.

NYSE QEP traded down $0.14 on Tuesday, hitting $7.06. 2,769,075 shares of the stock were exchanged, compared to its average volume of 5,147,433. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.59 and a quick ratio of 0.59. The business has a fifty day simple moving average of $6.74. QEP Resources has a 52 week low of $5.00 and a 52 week high of $13.02. The stock has a market capitalization of $1.71 billion, a P/E ratio of -41.53 and a beta of 1.94.

QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, April 24th. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. QEP Resources had a negative net margin of 60.23% and a positive return on equity of 1.91%. The firm had revenue of $280.60 million for the quarter, compared to analyst estimates of $289.23 million. During the same period in the prior year, the firm posted ($0.20) earnings per share. The company’s quarterly revenue was down 34.6% compared to the same quarter last year. On average, equities analysts expect that QEP Resources will post 0.5 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Eagle Boston Investment Management Inc. raised its position in shares of QEP Resources by 1.2% in the first quarter. Eagle Boston Investment Management Inc. now owns 135,597 shares of the pipeline company’s stock valued at $1,056,000 after purchasing an additional 1,667 shares during the period. Mason Street Advisors LLC grew its stake in shares of QEP Resources by 1.3% in the first quarter. Mason Street Advisors LLC now owns 125,692 shares of the pipeline company’s stock valued at $979,000 after acquiring an additional 1,670 shares in the last quarter. United Services Automobile Association grew its stake in shares of QEP Resources by 4.0% in the fourth quarter. United Services Automobile Association now owns 45,063 shares of the pipeline company’s stock valued at $254,000 after acquiring an additional 1,733 shares in the last quarter. Retirement Systems of Alabama grew its stake in shares of QEP Resources by 0.6% in the second quarter. Retirement Systems of Alabama now owns 309,622 shares of the pipeline company’s stock valued at $2,239,000 after acquiring an additional 1,930 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in shares of QEP Resources by 5.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 60,157 shares of the pipeline company’s stock valued at $339,000 after acquiring an additional 2,848 shares in the last quarter. 99.22% of the stock is currently owned by institutional investors.

QEP Resources Company Profile

QEP Resources, Inc operates as a crude oil and natural gas exploration and production company in the United States. The company conducts exploration and production activities in the Permian Basin in Western Texas; and Williston Basin in North Dakota. As of December 31, 2018, it had estimated proved reserves of approximately 658.2 MMboe.

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Analyst Recommendations for QEP Resources (NYSE:QEP)

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