Qep Resources (NYSE:QEP) received a $19.00 target price from equities researchers at Stifel Nicolaus in a research report issued to clients and investors on Tuesday. The firm currently has a “buy” rating on the pipeline company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 51.39% from the stock’s previous close.
Several other research analysts have also recently commented on QEP. Zacks Investment Research upgraded shares of Qep Resources from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Tuesday, December 26th. Piper Jaffray reiterated a “buy” rating and set a $14.00 price target on shares of Qep Resources in a report on Tuesday, January 9th. Mizuho set a $15.00 price target on shares of Qep Resources and gave the stock a “buy” rating in a report on Tuesday, January 16th. Deutsche Bank started coverage on shares of Qep Resources in a report on Thursday, February 1st. They set a “hold” rating and a $11.00 price target for the company. Finally, ValuEngine downgraded shares of Qep Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $12.61.
NYSE QEP opened at $12.55 on Tuesday. The company has a quick ratio of 0.28, a current ratio of 0.29 and a debt-to-equity ratio of 0.57. Qep Resources has a 52 week low of $7.02 and a 52 week high of $12.90. The company has a market cap of $3,002.47, a price-to-earnings ratio of 16.18 and a beta of 1.53.
Qep Resources announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 28th that authorizes the company to buyback $1.25 billion in shares. This buyback authorization authorizes the pipeline company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other Qep Resources news, Director David A. Trice purchased 10,000 shares of Qep Resources stock in a transaction that occurred on Thursday, March 8th. The stock was purchased at an average price of $9.00 per share, for a total transaction of $90,000.00. Following the transaction, the director now directly owns 50,000 shares in the company, valued at $450,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. ING Groep NV raised its position in Qep Resources by 23.4% in the 4th quarter. ING Groep NV now owns 36,355 shares of the pipeline company’s stock valued at $348,000 after purchasing an additional 6,900 shares during the last quarter. Mackenzie Financial Corp raised its position in Qep Resources by 0.3% in the 4th quarter. Mackenzie Financial Corp now owns 2,702,500 shares of the pipeline company’s stock valued at $25,863,000 after purchasing an additional 7,500 shares during the last quarter. US Bancorp DE raised its position in Qep Resources by 73.5% in the 4th quarter. US Bancorp DE now owns 24,140 shares of the pipeline company’s stock valued at $230,000 after purchasing an additional 10,223 shares during the last quarter. Kornitzer Capital Management Inc. KS purchased a new stake in Qep Resources in the 4th quarter valued at $100,000. Finally, Savant Capital LLC purchased a new stake in Qep Resources in the 4th quarter valued at $108,000. Hedge funds and other institutional investors own 93.88% of the company’s stock.
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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