Wedge Capital Management L L P NC cut its position in shares of QEP Resources Inc (NYSE:QEP) by 1.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,112,584 shares of the pipeline company’s stock after selling 14,318 shares during the quarter. Wedge Capital Management L L P NC owned 0.47% of QEP Resources worth $8,044,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in QEP. Dimensional Fund Advisors LP raised its holdings in shares of QEP Resources by 4.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 18,055,887 shares of the pipeline company’s stock worth $101,655,000 after buying an additional 803,139 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of QEP Resources by 107.2% in the fourth quarter. Jane Street Group LLC now owns 15,321 shares of the pipeline company’s stock worth $86,000 after buying an additional 226,747 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of QEP Resources by 5.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 60,157 shares of the pipeline company’s stock worth $339,000 after buying an additional 2,848 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of QEP Resources by 3.5% in the fourth quarter. Legal & General Group Plc now owns 445,875 shares of the pipeline company’s stock worth $2,510,000 after buying an additional 15,203 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of QEP Resources in the fourth quarter worth $19,230,000. Hedge funds and other institutional investors own 99.22% of the company’s stock.
In other news, CEO Timothy J. Cutt acquired 15,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was bought at an average price of $4.04 per share, with a total value of $60,600.00. Following the completion of the acquisition, the chief executive officer now owns 228,777 shares of the company’s stock, valued at $924,259.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.71% of the stock is currently owned by insiders.
QEP Resources (NYSE:QEP) last issued its earnings results on Wednesday, August 7th. The pipeline company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $293.93 million. During the same period last year, the business earned $0.06 EPS. The company’s revenue for the quarter was down 44.4% on a year-over-year basis. Sell-side analysts forecast that QEP Resources Inc will post 0.33 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 20th will be issued a $0.02 dividend. The ex-dividend date is Monday, August 19th. This represents a $0.08 dividend on an annualized basis and a yield of 2.12%.
A number of research analysts have issued reports on QEP shares. Raymond James cut shares of QEP Resources from a “strong-buy” rating to a “market perform” rating in a report on Thursday, August 8th. CIBC reaffirmed a “market perform” rating on shares of QEP Resources in a report on Tuesday, July 9th. Tudor Pickering cut shares of QEP Resources from a “buy” rating to a “hold” rating in a report on Friday, June 7th. Oppenheimer cut shares of QEP Resources from an “outperform” rating to a “market perform” rating and set a $7.25 price target for the company. in a report on Tuesday, July 9th. Finally, Zacks Investment Research cut shares of QEP Resources from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $10.73.
QEP Resources 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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