Mackay Shields LLC Decreases Holdings in QEP Resources Inc (NYSE:QEP)

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Mackay Shields LLC cut its holdings in shares of QEP Resources Inc (NYSE:QEP) by 23.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 160,000 shares of the pipeline company’s stock after selling 49,287 shares during the quarter. Mackay Shields LLC’s holdings in QEP Resources were worth $592,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of QEP Resources by 31.8% during the 2nd quarter. BlackRock Inc. now owns 28,182,615 shares of the pipeline company’s stock valued at $203,761,000 after buying an additional 6,792,284 shares in the last quarter. Wells Fargo & Company MN boosted its stake in QEP Resources by 67.1% in the 2nd quarter. Wells Fargo & Company MN now owns 5,873,927 shares of the pipeline company’s stock worth $42,469,000 after purchasing an additional 2,358,578 shares during the period. Nuveen Asset Management LLC boosted its stake in QEP Resources by 4,106.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,602,946 shares of the pipeline company’s stock worth $11,590,000 after purchasing an additional 1,564,839 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in QEP Resources by 296.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,758,486 shares of the pipeline company’s stock worth $12,714,000 after purchasing an additional 1,314,536 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in QEP Resources by 46.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,676,369 shares of the pipeline company’s stock worth $12,121,000 after purchasing an additional 533,086 shares during the period. 99.55% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director David A. Trice acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average price of $3.50 per share, with a total value of $35,000.00. Following the completion of the transaction, the director now directly owns 70,000 shares in the company, valued at $245,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Minarovic acquired 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $4.00 per share, for a total transaction of $240,000.00. Following the transaction, the director now owns 14,034 shares of the company’s stock, valued at $56,136. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 110,000 shares of company stock worth $415,000. 1.71% of the stock is owned by corporate insiders.

QEP has been the subject of several recent analyst reports. Piper Jaffray Companies upgraded QEP Resources from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $3.50 to $6.00 in a research note on Monday, October 28th. Williams Capital upgraded QEP Resources from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a report on Thursday, October 24th. BMO Capital Markets began coverage on QEP Resources in a report on Tuesday, September 10th. They set a “market perform” rating and a $5.00 price target on the stock. ValuEngine upgraded QEP Resources from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Raymond James lowered QEP Resources from a “strong-buy” rating to a “market perform” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. QEP Resources presently has an average rating of “Hold” and an average target price of $8.00.

QEP opened at $3.49 on Monday. QEP Resources Inc has a 12-month low of $2.58 and a 12-month high of $9.27. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.75. The business’s fifty day simple moving average is $3.36 and its 200-day simple moving average is $5.13. The company has a market capitalization of $796.60 million, a price-to-earnings ratio of -20.53 and a beta of 1.98.

QEP Resources (NYSE:QEP) last posted its quarterly earnings results on Wednesday, October 23rd. The pipeline company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. QEP Resources had a positive return on equity of 0.30% and a negative net margin of 47.59%. The business had revenue of $307.50 million for the quarter, compared to the consensus estimate of $295.03 million. During the same quarter in the prior year, the company earned $0.17 EPS. The business’s revenue was down 45.2% compared to the same quarter last year. On average, equities research analysts predict that QEP Resources Inc will post 0.25 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Thursday, November 14th. QEP Resources’s payout ratio is currently -47.06%.

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

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