Boston Partners cut its stake in shares of QEP Resources, Inc. (NYSE:QEP) by 16.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,993,916 shares of the pipeline company’s stock after selling 2,094,432 shares during the period. Boston Partners owned about 4.57% of QEP Resources worth $111,038,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of QEP Resources by 10.0% in the first quarter. Wellington Management Group LLP now owns 22,993,414 shares of the pipeline company’s stock valued at $292,247,000 after buying an additional 2,097,855 shares in the last quarter. BlackRock Inc. raised its position in shares of QEP Resources by 12,055.6% in the first quarter. BlackRock Inc. now owns 19,952,610 shares of the pipeline company’s stock valued at $253,598,000 after buying an additional 19,788,467 shares in the last quarter. Vanguard Group Inc. raised its position in shares of QEP Resources by 4.9% in the first quarter. Vanguard Group Inc. now owns 19,855,067 shares of the pipeline company’s stock valued at $252,357,000 after buying an additional 922,357 shares in the last quarter. State Street Corp raised its position in shares of QEP Resources by 10.5% in the first quarter. State Street Corp now owns 9,255,582 shares of the pipeline company’s stock valued at $117,640,000 after buying an additional 883,124 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of QEP Resources by 29.0% in the first quarter. Alliancebernstein L.P. now owns 7,646,319 shares of the pipeline company’s stock valued at $97,185,000 after buying an additional 1,719,460 shares in the last quarter. Hedge funds and other institutional investors own 91.76% of the company’s stock.
Shares of QEP Resources, Inc. (NYSE:QEP) opened at 7.30 on Friday. QEP Resources, Inc. has a 1-year low of $7.14 and a 1-year high of $21.12. The firm’s 50-day moving average price is $8.90 and its 200 day moving average price is $11.82. The stock’s market capitalization is $1.76 billion.
QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, July 26th. The pipeline company reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.08. QEP Resources had a negative net margin of 3.90% and a negative return on equity of 4.24%. The company had revenue of $383.70 million during the quarter, compared to the consensus estimate of $413.27 million. During the same period last year, the firm earned ($0.23) EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities research analysts expect that QEP Resources, Inc. will post ($0.62) earnings per share for the current fiscal year.
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Several equities analysts recently weighed in on QEP shares. Deutsche Bank AG lowered QEP Resources from a “buy” rating to a “hold” rating and cut their price target for the company from $18.00 to $13.00 in a research note on Tuesday, July 18th. BMO Capital Markets restated a “buy” rating and issued a $11.00 price target on shares of QEP Resources in a research note on Tuesday, June 27th. Barclays PLC restated a “buy” rating and issued a $10.00 price target on shares of QEP Resources in a research note on Friday, July 7th. BidaskClub upgraded QEP Resources from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Finally, FBR & Co set a $20.00 price target on QEP Resources and gave the company a “buy” rating in a research note on Saturday, April 15th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. QEP Resources currently has a consensus rating of “Hold” and an average price target of $16.53.
In other QEP Resources news, CFO Richard J. Doleshek acquired 12,500 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was acquired at an average cost of $7.91 per share, with a total value of $98,875.00. Following the purchase, the chief financial officer now directly owns 304,539 shares in the company, valued at approximately $2,408,903.49. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Julie Dill acquired 5,000 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were acquired at an average cost of $8.49 per share, with a total value of $42,450.00. Following the completion of the purchase, the director now owns 5,525 shares in the company, valued at $46,907.25. The disclosure for this purchase can be found here. 1.36% of the stock is currently owned by company insiders.
About QEP Resources
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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