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QEP Resources (QEP) Posts Narrower-than-Excepted Loss in Q4
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Domestic energy explorer, QEP Resources Inc. reported loss per share – excluding special items – of 15 cents, narrower than the Zacks Consensus Estimate of a loss of 22 cents. Notably, the company had reported adjusted loss of a 1 cent per share in the year-ago quarter.
Quarterly revenues of $400 million beat the Zacks Consensus Estimate of $382 million but decreased 14.5% from the fourth-quarter 2015 level.
Volume Analysis
QEP Resources’ overall production in the quarter dipped 2% year over year to 13,675.7 million barrels of oil equivalent (Mboe). A decrease in production from the Pinedale and the Uinta Basin resulted in the downside.
Natural gas volumes declined 5% year over year to 43.9 Bcf, whereas liquid volumes improved significantly to 6,358.8 thousand barrels.
Realized Prices
QEP Resources’ average realized natural gas price in the quarter was $2.81 per thousand cubic feet, down 8% from the year-ago quarter price of $3.04. Moreover, average oil price realization decreased nearly 23% to $45.58 per barrel.
QEP Resources, Inc. Price, Consensus and EPS Surprise
Overall net realized equivalent price averaged $27.31 per billion of oil equivalent in the quarter, down 17% year over year.
Operating Expense
Total operating expenses for the quarter decreased to $436.6 million from $610.6 million a year ago.
Balance Sheet
As of Dec 31, 2016, QEP Resources had cash and cash equivalents of $443.8 million. The company’s long-term debt (including current portion) was $2,020.9 million, which represents a debt-to-capitalization ratio of 36.6%.
Guidance
QEP Resources’ 2017 production guidance lies in the range of 57.0–60.0 MMboe.
The projection for 2017 capital spending is in the $950–$1,000 million band.
Zacks Rank and Key Picks
Currently, QEP Resources carries a Zacks Rank #3 (Hold).
In the last four quarters, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
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QEP Resources (QEP) Posts Narrower-than-Excepted Loss in Q4
Domestic energy explorer, QEP Resources Inc. reported loss per share – excluding special items – of 15 cents, narrower than the Zacks Consensus Estimate of a loss of 22 cents. Notably, the company had reported adjusted loss of a 1 cent per share in the year-ago quarter.
Quarterly revenues of $400 million beat the Zacks Consensus Estimate of $382 million but decreased 14.5% from the fourth-quarter 2015 level.
Volume Analysis
QEP Resources’ overall production in the quarter dipped 2% year over year to 13,675.7 million barrels of oil equivalent (Mboe). A decrease in production from the Pinedale and the Uinta Basin resulted in the downside.
Natural gas volumes declined 5% year over year to 43.9 Bcf, whereas liquid volumes improved significantly to 6,358.8 thousand barrels.
Realized Prices
QEP Resources’ average realized natural gas price in the quarter was $2.81 per thousand cubic feet, down 8% from the year-ago quarter price of $3.04. Moreover, average oil price realization decreased nearly 23% to $45.58 per barrel.
QEP Resources, Inc. Price, Consensus and EPS Surprise
QEP Resources, Inc. Price, Consensus and EPS Surprise | QEP Resources, Inc. Quote
Overall net realized equivalent price averaged $27.31 per billion of oil equivalent in the quarter, down 17% year over year.
Operating Expense
Total operating expenses for the quarter decreased to $436.6 million from $610.6 million a year ago.
Balance Sheet
As of Dec 31, 2016, QEP Resources had cash and cash equivalents of $443.8 million. The company’s long-term debt (including current portion) was $2,020.9 million, which represents a debt-to-capitalization ratio of 36.6%.
Guidance
QEP Resources’ 2017 production guidance lies in the range of 57.0–60.0 MMboe.
The projection for 2017 capital spending is in the $950–$1,000 million band.
Zacks Rank and Key Picks
Currently, QEP Resources carries a Zacks Rank #3 (Hold).
Some better-ranked players from the broader energy sector include Sunrun Inc. (RUN - Free Report) , Delek Logistics Partners, L.P. (DKL - Free Report) and Ultra Petroleum Corp. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>