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

Oppenheimer downgraded shares of QEP Resources (NYSE:QEP) from an outperform rating to a market perform rating in a report issued on Tuesday, BenzingaRatingsTable reports. They currently have $7.25 price objective on the pipeline company’s stock.

Several other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Diageo from GBX 3,100 ($40.51) to GBX 3,200 ($41.81) and gave the company a neutral rating in a report on Friday, June 7th. Tudor Pickering cut shares of MEG Energy from a buy rating to a hold rating in a report on Friday, June 7th. SunTrust Banks set a $75.00 price objective on shares of Cimarex Energy and gave the stock a hold rating in a report on Tuesday, April 23rd. Zacks Investment Research cut shares of Horiba from a hold rating to a sell rating in a report on Wednesday, May 22nd. Finally, Wells Fargo & Co reiterated a buy rating on shares of SM Energy in a report on Friday, April 12th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $11.09.

QEP Resources stock opened at $7.06 on Tuesday. The firm’s fifty day moving average is $6.72. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.59 and a current ratio of 0.59. QEP Resources has a 12 month low of $5.00 and a 12 month high of $12.98. The stock has a market cap of $1.68 billion, a PE ratio of 28.24 and a beta of 1.93.

QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, April 24th. The pipeline company reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. QEP Resources had a negative net margin of 60.23% and a positive return on equity of 1.91%. The business had revenue of $280.60 million for the quarter, compared to analysts’ expectations of $289.23 million. During the same period in the previous year, the company posted ($0.20) EPS. QEP Resources’s revenue was down 34.6% on a year-over-year basis. On average, research analysts anticipate that QEP Resources will post 0.49 earnings per share for the current year.

A number of large investors have recently modified their holdings of QEP. BlackRock Inc. lifted its position in QEP Resources by 3.5% during the 4th quarter. BlackRock Inc. now owns 21,413,968 shares of the pipeline company’s stock worth $120,561,000 after acquiring an additional 727,179 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in QEP Resources by 4.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,055,887 shares of the pipeline company’s stock worth $101,655,000 after acquiring an additional 803,139 shares during the last quarter. Oslo Asset Management AS lifted its position in QEP Resources by 13.6% during the 1st quarter. Oslo Asset Management AS now owns 6,993,278 shares of the pipeline company’s stock worth $54,478,000 after acquiring an additional 835,888 shares during the last quarter. Norges Bank acquired a new position in QEP Resources during the 4th quarter worth $19,230,000. Finally, Nomura Holdings Inc. lifted its position in QEP Resources by 70.3% during the 4th quarter. Nomura Holdings Inc. now owns 2,422,200 shares of the pipeline company’s stock worth $13,611,000 after acquiring an additional 1,000,012 shares during the last quarter. Hedge funds and other institutional investors own 99.22% of the company’s stock.

About QEP Resources

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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