Mackay Shields LLC bought a new stake in Qep Resources (NYSE:QEP) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 123,000 shares of the pipeline company’s stock, valued at approximately $1,204,000. Mackay Shields LLC owned about 0.05% of Qep Resources as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also made changes to their positions in the company. Kornitzer Capital Management Inc. KS purchased a new position in Qep Resources during the fourth quarter worth about $100,000. Savant Capital LLC purchased a new position in Qep Resources during the fourth quarter worth about $108,000. Macquarie Group Ltd. raised its holdings in Qep Resources by 17,375.0% during the fourth quarter. Macquarie Group Ltd. now owns 13,980 shares of the pipeline company’s stock worth $9,481,000 after purchasing an additional 13,900 shares in the last quarter. Tocqueville Asset Management L.P. purchased a new position in Qep Resources during the fourth quarter worth about $141,000. Finally, MANA Advisors LLC purchased a new position in Qep Resources during the fourth quarter worth about $163,000. 93.97% of the stock is owned by institutional investors and hedge funds.
Several research firms recently issued reports on QEP. Zacks Investment Research cut shares of Qep Resources from a “hold” rating to a “sell” rating in a report on Thursday, April 26th. ValuEngine raised shares of Qep Resources from a “sell” rating to a “hold” rating in a report on Wednesday, May 16th. Piper Jaffray Companies cut shares of Qep Resources from an “overweight” rating to a “neutral” rating and set a $12.00 price target for the company. in a report on Tuesday, May 1st. Stifel Nicolaus set a $19.00 price target on shares of Qep Resources and gave the stock a “buy” rating in a report on Tuesday, April 24th. Finally, SunTrust Banks set a $12.00 price target on shares of Qep Resources and gave the stock a “hold” rating in a report on Monday, April 16th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Qep Resources has an average rating of “Hold” and a consensus target price of $12.48.
In other Qep Resources news, Director David A. Trice purchased 10,000 shares of the stock in a transaction dated Thursday, March 8th. The shares were acquired at an average cost of $9.00 per share, for a total transaction of $90,000.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $450,000. The purchase was disclosed in a filing with the SEC, which is available at this link. 1.60% of the stock is owned by corporate insiders.
Shares of Qep Resources opened at $13.17 on Wednesday, according to MarketBeat. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 0.66. Qep Resources has a twelve month low of $7.02 and a twelve month high of $13.74. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 17.10 and a beta of 1.51.
Qep Resources (NYSE:QEP) last issued its earnings results on Wednesday, April 25th. The pipeline company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Qep Resources had a return on equity of 4.66% and a net margin of 8.51%. The company had revenue of $428.90 million for the quarter, compared to analyst estimates of $369.94 million. During the same quarter in the previous year, the company posted ($0.14) earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. equities analysts anticipate that Qep Resources will post -0.56 EPS for the current year.
Qep Resources announced that its board has approved a stock repurchase plan on Wednesday, February 28th that allows the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization allows the pipeline company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
About Qep Resources
QEP Resources, Inc, through its subsidiaries, operates as a natural gas and crude oil exploration and production company in the United States. The company conducts exploration and production activities in the Permian Basin in western Texas, Williston Basin in North Dakota, Haynesville/Cotton Valley in northwestern Louisiana, Uinta Basin in eastern Utah, and other proven properties in Wyoming, Utah, and Colorado.
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