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

Oppenheimer cut shares of QEP Resources (NYSE:QEP) from an outperform rating to a market perform rating in a research report released on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has $7.25 target price on the pipeline company’s stock.

Several other brokerages have also recently weighed in on QEP. Tudor Pickering cut shares of MEG Energy from a buy rating to a hold rating in a research note on Friday, June 7th. Zacks Investment Research cut shares of Horiba from a hold rating to a sell rating in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. upped their price objective 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 note on Friday, June 7th. Wells Fargo & Co reissued a buy rating on shares of SM Energy in a research note on Friday, April 12th. Finally, SunTrust Banks set a $75.00 price target on shares of Cimarex Energy and gave the company a hold rating in a research note on Tuesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $11.09.

Shares of QEP Resources stock opened at $7.06 on Tuesday. 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 company has a market capitalization of $1.68 billion, a PE ratio of 28.24 and a beta of 1.93. QEP Resources has a 1-year low of $5.00 and a 1-year high of $12.98. The business’s 50-day moving average price is $6.72.

QEP Resources (NYSE:QEP) last issued its quarterly earnings data on Wednesday, April 24th. The pipeline company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. The firm had revenue of $280.60 million for the quarter, compared to analysts’ expectations of $289.23 million. QEP Resources had a negative net margin of 60.23% and a positive return on equity of 1.91%. The company’s quarterly revenue was down 34.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.20) earnings per share. As a group, equities analysts expect that QEP Resources will post 0.49 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System grew its holdings in QEP Resources by 14.8% during the 4th quarter. California Public Employees Retirement System now owns 688,245 shares of the pipeline company’s stock valued at $3,875,000 after buying an additional 88,616 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of QEP Resources by 3.5% during the fourth quarter. BlackRock Inc. now owns 21,413,968 shares of the pipeline company’s stock worth $120,561,000 after purchasing an additional 727,179 shares during the last quarter. Texas Permanent School Fund boosted its holdings in shares of QEP Resources by 3.9% during the fourth quarter. Texas Permanent School Fund now owns 154,940 shares of the pipeline company’s stock worth $872,000 after purchasing an additional 5,834 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of QEP Resources by 0.3% during the fourth quarter. Northern Trust Corp now owns 2,024,377 shares of the pipeline company’s stock worth $11,396,000 after purchasing an additional 6,235 shares during the last quarter. Finally, Commonwealth Bank of Australia boosted its holdings in shares of QEP Resources by 7.4% during the fourth quarter. Commonwealth Bank of Australia now owns 52,400 shares of the pipeline company’s stock worth $295,000 after purchasing an additional 3,600 shares during the last quarter. 99.22% of the stock is currently owned by institutional investors and hedge funds.

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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