Vaughan Nelson Investment Management L.P. lifted its holdings in Qep Resources (NYSE:QEP) by 15.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,447,315 shares of the pipeline company’s stock after buying an additional 579,675 shares during the period. Vaughan Nelson Investment Management L.P. owned approximately 1.87% of Qep Resources worth $43,540,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in QEP. Kornitzer Capital Management Inc. KS purchased a new position in shares of Qep Resources in the 4th quarter worth approximately $100,000. Savant Capital LLC purchased a new position in shares of Qep Resources in the 4th quarter worth approximately $108,000. KBC Group NV purchased a new position in shares of Qep Resources in the 1st quarter worth approximately $116,000. Tocqueville Asset Management L.P. purchased a new position in shares of Qep Resources in the 4th quarter worth approximately $141,000. Finally, M&T Bank Corp raised its holdings in shares of Qep Resources by 44.3% in the 1st quarter. M&T Bank Corp now owns 14,730 shares of the pipeline company’s stock worth $144,000 after purchasing an additional 4,524 shares during the period. Hedge funds and other institutional investors own 93.97% of the company’s stock.
Shares of QEP stock opened at $13.12 on Wednesday. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 0.66. Qep Resources has a 1 year low of $7.02 and a 1 year high of $13.74. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 17.10 and a beta of 1.51.
Qep Resources (NYSE:QEP) last issued its earnings results on Wednesday, April 25th. The pipeline company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Qep Resources had a net margin of 8.51% and a return on equity of 4.66%. The business had revenue of $428.90 million for the quarter, compared to the consensus estimate of $369.94 million. During the same period in the previous year, the firm earned ($0.14) EPS. The company’s revenue was up 2.1% compared to the same quarter last year. sell-side analysts expect that Qep Resources will post -0.56 EPS for the current fiscal year.
Qep Resources announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 28th that allows the company to buyback $1.25 billion in outstanding shares. This buyback authorization allows the pipeline company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Qep Resources news, Director David A. Trice bought 10,000 shares of the stock in a transaction on Thursday, March 8th. The shares were acquired at an average price of $9.00 per share, with a total value of $90,000.00. Following the acquisition, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $450,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.60% of the company’s stock.
A number of equities research analysts recently commented on QEP shares. JPMorgan Chase lowered their price target on shares of Qep Resources from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, March 5th. Johnson Rice started coverage on shares of Qep Resources in a report on Wednesday, March 21st. They issued a “buy” rating and a $19.00 price target on the stock. Zacks Investment Research cut shares of Qep Resources from a “hold” rating to a “sell” rating in a report on Wednesday, April 11th. Williams Capital reaffirmed a “buy” rating and issued a $16.00 price target on shares of Qep Resources in a report on Thursday, April 26th. Finally, Piper Jaffray Companies set a $13.00 price target on shares of Qep Resources and gave the stock a “buy” rating in a report on Wednesday, March 14th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $12.48.
Qep Resources Company Profile
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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