Zacks: Brokerages Expect QEP Resources Inc (NYSE:QEP) Will Post Quarterly Sales of $311.64 Million

Wall Street brokerages predict that QEP Resources Inc (NYSE:QEP) will report $311.64 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for QEP Resources’ earnings, with estimates ranging from $292.00 million to $332.00 million. QEP Resources reported sales of $560.80 million during the same quarter last year, which would suggest a negative year over year growth rate of 44.4%. The firm is expected to report its next quarterly earnings results on Wednesday, November 6th.

According to Zacks, analysts expect that QEP Resources will report full year sales of $1.20 billion for the current fiscal year, with estimates ranging from $1.10 billion to $1.28 billion. For the next year, analysts expect that the company will post sales of $1.45 billion, with estimates ranging from $1.19 billion to $1.82 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow QEP Resources.

QEP Resources (NYSE:QEP) last announced its quarterly earnings data on Wednesday, August 7th. The pipeline company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.07). The firm had revenue of $296.20 million during the quarter, compared to the consensus estimate of $293.93 million. QEP Resources had a positive return on equity of 1.29% and a negative net margin of 44.56%. QEP Resources’s revenue was down 44.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.06 EPS.

Several equities analysts recently commented on the company. CIBC restated a “market perform” rating on shares of QEP Resources in a research report on Tuesday, July 9th. ValuEngine upgraded QEP Resources from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 1st. SunTrust Banks set a $8.00 target price on QEP Resources and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Zacks Investment Research downgraded QEP Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, May 22nd. Finally, Raymond James downgraded QEP Resources from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the company’s stock. QEP Resources currently has a consensus rating of “Hold” and a consensus target price of $10.73.

Shares of QEP Resources stock traded down $0.02 during midday trading on Thursday, hitting $3.76. 3,910,500 shares of the company were exchanged, compared to its average volume of 5,463,300. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $996.85 million, a P/E ratio of -22.12 and a beta of 1.92. QEP Resources has a 52 week low of $3.39 and a 52 week high of $12.05. The firm has a 50 day simple moving average of $5.66 and a 200-day simple moving average of $7.05.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Tuesday, August 20th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.08 dividend on an annualized basis and a yield of 2.13%.

In other QEP Resources news, 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 purchased at an average cost of $3.80 per share, with a total value of $38,000.00. Following the acquisition, the director now directly owns 60,000 shares of the company’s stock, valued at approximately $228,000. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Timothy J. Cutt purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $4.04 per share, with a total value of $60,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 228,777 shares in the company, valued at $924,259.08. The disclosure for this purchase can be found here. Insiders have purchased a total of 30,000 shares of company stock valued at $119,450 over the last ninety days. Insiders own 1.71% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QEP. Royal London Asset Management Ltd. acquired a new stake in shares of QEP Resources in the 1st quarter valued at $49,000. Quadrant Capital Group LLC increased its stake in shares of QEP Resources by 2,702.9% in the 1st quarter. Quadrant Capital Group LLC now owns 6,755 shares of the pipeline company’s stock valued at $50,000 after buying an additional 6,514 shares during the period. CAPROCK Group Inc. acquired a new stake in shares of QEP Resources in the 2nd quarter valued at $72,000. Jane Street Group LLC increased its stake in shares of QEP Resources by 107.2% in the 4th quarter. Jane Street Group LLC now owns 15,321 shares of the pipeline company’s stock valued at $86,000 after buying an additional 226,747 shares during the period. Finally, Bluefin Trading LLC acquired a new stake in shares of QEP Resources in the 2nd quarter valued at $92,000. 99.22% of the stock is owned by institutional investors.

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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