Maverick Capital Ltd. acquired a new stake in QEP Resources Inc (NYSE:QEP) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 245,222 shares of the pipeline company’s stock, valued at approximately $907,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank lifted its stake in QEP Resources by 8.8% in the third quarter. Comerica Bank now owns 483,078 shares of the pipeline company’s stock valued at $1,667,000 after buying an additional 38,892 shares during the last quarter. Commonwealth Bank of Australia lifted its stake in QEP Resources by 49.2% in the second quarter. Commonwealth Bank of Australia now owns 78,200 shares of the pipeline company’s stock valued at $565,000 after buying an additional 25,800 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in QEP Resources in the third quarter valued at approximately $1,206,000. New York State Teachers Retirement System lifted its stake in QEP Resources by 29.5% in the third quarter. New York State Teachers Retirement System now owns 415,765 shares of the pipeline company’s stock valued at $1,538,000 after buying an additional 94,700 shares during the last quarter. Finally, BBVA USA Bancshares Inc. lifted its stake in QEP Resources by 21.4% in the third quarter. BBVA USA Bancshares Inc. now owns 63,615 shares of the pipeline company’s stock valued at $235,000 after buying an additional 11,207 shares during the last quarter. Institutional investors own 99.77% of the company’s stock.
QEP Resources stock opened at $3.27 on Monday. QEP Resources Inc has a 12 month low of $2.58 and a 12 month high of $9.01. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50 day simple moving average of $3.32 and a 200-day simple moving average of $4.84. The stock has a market capitalization of $777.58 million, a PE ratio of -19.24 and a beta of 2.02.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, November 14th. QEP Resources’s dividend payout ratio (DPR) is presently -47.06%.
QEP has been the subject of a number of research reports. Williams Capital upgraded QEP Resources from a “hold” rating to a “buy” rating and set a $5.00 price objective for the company in a research note on Thursday, October 24th. ValuEngine upgraded QEP Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. BMO Capital Markets initiated coverage on QEP Resources in a research note on Tuesday, September 10th. They issued a “market perform” rating and a $5.00 price objective for the company. Stephens upgraded QEP Resources from an “equal” rating to an “overweight” rating and set a $7.00 price objective for the company in a research note on Wednesday, October 30th. Finally, Raymond James cut QEP Resources from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $7.67.
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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