QEP Resources Inc (NYSE:QEP) Holdings Raised by Morgan Stanley

Share on StockTwits

Morgan Stanley lifted its stake in shares of QEP Resources Inc (NYSE:QEP) by 35.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,757,210 shares of the pipeline company’s stock after purchasing an additional 464,157 shares during the quarter. Morgan Stanley owned about 0.74% of QEP Resources worth $12,705,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of QEP Resources by 31.8% during the second quarter. BlackRock Inc. now owns 28,182,615 shares of the pipeline company’s stock valued at $203,761,000 after purchasing an additional 6,792,284 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of QEP Resources by 0.4% during the second quarter. Vanguard Group Inc. now owns 22,252,396 shares of the pipeline company’s stock valued at $160,884,000 after purchasing an additional 88,258 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of QEP Resources by 67.1% during the second quarter. Wells Fargo & Company MN now owns 5,873,927 shares of the pipeline company’s stock valued at $42,469,000 after purchasing an additional 2,358,578 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of QEP Resources by 19.6% during the second quarter. Bank of New York Mellon Corp now owns 3,141,930 shares of the pipeline company’s stock valued at $22,716,000 after purchasing an additional 515,414 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of QEP Resources by 1.8% during the second quarter. Bank of America Corp DE now owns 2,310,742 shares of the pipeline company’s stock valued at $16,706,000 after purchasing an additional 40,116 shares in the last quarter. Institutional investors and hedge funds own 99.15% of the company’s stock.

QEP has been the topic of a number of recent analyst reports. Raymond James cut shares of QEP Resources from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, August 8th. Piper Jaffray Companies set a $5.00 price objective on shares of QEP Resources and gave the company a “hold” rating in a research note on Friday, August 16th. ValuEngine upgraded shares of QEP Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. BMO Capital Markets initiated coverage on shares of QEP Resources in a research note on Tuesday, September 10th. They set a “market perform” rating and a $5.00 price objective on the stock. Finally, CIBC restated a “market perform” rating on shares of QEP Resources in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating and fifteen have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $8.91.

In related news, CFO Richard J. Doleshek purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price of $3.50 per share, with a total value of $87,500.00. Following the purchase, the chief financial officer now owns 533,723 shares of the company’s stock, valued at approximately $1,868,030.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David A. Trice purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $3.80 per share, for a total transaction of $38,000.00. Following the purchase, the director now directly owns 60,000 shares in the company, valued at approximately $228,000. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 140,000 shares of company stock worth $534,450. 1.71% of the stock is owned by company insiders.

Shares of QEP Resources stock opened at $3.22 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average price is $3.76 and its two-hundred day moving average price is $5.91. QEP Resources Inc has a 52 week low of $2.97 and a 52 week high of $11.32. The stock has a market cap of $742.29 million, a PE ratio of 20.80 and a beta of 1.96.

QEP Resources (NYSE:QEP) last issued its quarterly earnings results on Wednesday, August 7th. The pipeline company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.07). QEP Resources had a positive return on equity of 1.29% and a negative net margin of 44.56%. The business had revenue of $296.20 million during the quarter, compared to the consensus estimate of $293.93 million. During the same quarter last year, the firm posted $0.06 earnings per share. QEP Resources’s revenue was down 44.4% compared to the same quarter last year. On average, equities analysts predict that QEP Resources Inc will post 0.32 EPS for the current fiscal year.

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.

Recommended Story: What is a bull market?

Institutional Ownership by Quarter for QEP Resources (NYSE:QEP)

Receive News & Ratings for QEP Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for QEP Resources and related companies with MarketBeat.com's FREE daily email newsletter.