OppenheimerFunds Inc. Purchases 10,761 Shares of QEP Resources, Inc. (NYSE:QEP)

OppenheimerFunds Inc. boosted its position in QEP Resources, Inc. (NYSE:QEP) by 72.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 25,695 shares of the pipeline company’s stock after buying an additional 10,761 shares during the period. OppenheimerFunds Inc.’s holdings in QEP Resources were worth $327,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the company. Pitcairn Co. boosted its position in shares of QEP Resources by 1.9% in the first quarter. Pitcairn Co. now owns 12,949 shares of the pipeline company’s stock worth $164,000 after buying an additional 239 shares during the last quarter. Sei Investments Co. boosted its position in shares of QEP Resources by 0.5% in the first quarter. Sei Investments Co. now owns 60,648 shares of the pipeline company’s stock worth $771,000 after buying an additional 273 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of QEP Resources by 0.3% in the first quarter. Municipal Employees Retirement System of Michigan now owns 111,020 shares of the pipeline company’s stock worth $1,411,000 after buying an additional 330 shares during the last quarter. Flinton Capital Management LLC boosted its position in shares of QEP Resources by 4.4% in the first quarter. Flinton Capital Management LLC now owns 13,040 shares of the pipeline company’s stock worth $166,000 after buying an additional 544 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its position in shares of QEP Resources by 5.4% in the first quarter. Suntrust Banks Inc. now owns 12,788 shares of the pipeline company’s stock worth $161,000 after buying an additional 651 shares during the last quarter. 92.27% of the stock is owned by institutional investors and hedge funds.

Shares of QEP Resources, Inc. (NYSE:QEP) opened at 9.22 on Friday. QEP Resources, Inc. has a 12 month low of $8.58 and a 12 month high of $21.12. The company’s 50 day moving average price is $9.57 and its 200 day moving average price is $12.90. The company’s market cap is $2.22 billion.

QEP Resources (NYSE:QEP) last announced its quarterly earnings results on Wednesday, April 26th. The pipeline company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. QEP Resources had a negative return on equity of 4.78% and a negative net margin of 19.81%. The company had revenue of $420.10 million for the quarter, compared to the consensus estimate of $402.16 million. During the same quarter in the previous year, the business earned ($0.53) EPS. QEP Resources’s revenue was up 60.8% compared to the same quarter last year. On average, equities analysts expect that QEP Resources, Inc. will post ($0.77) EPS for the current fiscal year.

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Several brokerages have recently weighed in on QEP. BidaskClub raised QEP Resources from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. FBR & Co set a $20.00 price target on QEP Resources and gave the company a “buy” rating in a research note on Saturday, April 15th. Cowen and Company set a $12.00 price target on QEP Resources and gave the company a “buy” rating in a research note on Wednesday. BMO Capital Markets reissued a “buy” rating and issued a $11.00 price target on shares of QEP Resources in a research note on Tuesday, June 27th. Finally, Deutsche Bank AG cut QEP Resources from a “buy” rating to a “hold” rating and decreased their price target for the company from $18.00 to $13.00 in a research note on Tuesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $17.54.

About QEP Resources

QEP Resources, Inc is an independent crude oil and natural gas exploration and production company. The Company focuses on two regions of the United States: the Northern Region (primarily in North Dakota, Wyoming and Utah) and the Southern Region (primarily in Texas and Louisiana). The Company conducts exploration and production activities in North America’s hydrocarbon resource plays.

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Institutional Ownership by Quarter for QEP Resources (NYSE:QEP)

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