Qep Resources (NYSE:QEP) received a $12.00 target price from research analysts at SunTrust Banks in a research note issued on Monday. The firm presently has a “hold” rating on the pipeline company’s stock. SunTrust Banks’ price target would suggest a potential upside of 5.36% from the stock’s current price.
A number of other research analysts have also commented on the company. Zacks Investment Research upgraded 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. Mizuho set a $15.00 price target on Qep Resources and gave the stock a “buy” rating in a report on Tuesday, January 16th. ValuEngine lowered Qep Resources from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Williams Capital set a $18.00 price target on Qep Resources and gave the stock a “buy” rating in a report on Thursday, March 1st. Finally, Piper Jaffray restated a “buy” rating and set a $14.00 price objective on shares of Qep Resources in a research report on Tuesday, January 9th. Four analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $12.86.
Shares of QEP stock traded up $0.12 during trading hours on Monday, reaching $11.39. 1,573,108 shares of the company’s stock were exchanged, compared to its average volume of 6,542,010. Qep Resources has a fifty-two week low of $7.02 and a fifty-two week high of $12.90. The firm has a market cap of $2,715.72, a PE ratio of 14.77 and a beta of 1.53. 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 announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 28th that authorizes the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization authorizes the pipeline company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director David A. Trice purchased 10,000 shares of the stock in a transaction on Thursday, March 8th. The shares were purchased at an average cost of $9.00 per share, for a total transaction of $90,000.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $450,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.
Large investors have recently made changes to their positions in the business. Kornitzer Capital Management Inc. KS bought a new stake in Qep Resources in the fourth quarter valued at $100,000. Savant Capital LLC bought a new stake in Qep Resources in the fourth quarter valued at $108,000. Tocqueville Asset Management L.P. bought a new stake in Qep Resources in the fourth quarter valued at $141,000. MANA Advisors LLC bought a new stake in Qep Resources in the fourth quarter valued at $163,000. Finally, State of Alaska Department of Revenue bought a new stake in Qep Resources in the fourth quarter valued at $178,000. Hedge funds and other institutional investors own 93.96% 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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