The stock of QEP Resources, Inc. (NYSE:QEP) is now priced at $1.66 and the shares are 0.04 points up or 2.47% higher compared to its previous closing price of $1.62. QEP shares have a float of 220 million and although its performance was 14.48% over the week, it’s one to watch. Analysts have given the QEP stock a yearly average price target of $2.31 per share. It means the stock’s upside potential is 39.16% with the QEP share price recently placing at $1.6 to $1.73. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the QEP Resources, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the QEP shares have declined. Short interest in the stock represents just 3.83% of its float, but the volume has dropped by 0.
In the last trading session, QEP Resources, Inc. (NYSE:QEP) raised by $0.21 over the week and gained $0.44 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.22. The stock recorded its established 52-week high on 07/31/19.
Since 04/01/20, the stock has traded to a low of $0.2625 at 532.38%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 4.93. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, QEP Resources, Inc.’s two-week RSI is 61.24. This suggests that the stock is neutral at the moment and that QEP shares’ price movement remains stable. The stochastic readings are equally revealing at 87.55% meaning the QEP share price is currently in oversold territory.
The technical chart shows that the QEP stock will likely settle at between $1.6933 and $1.7266 per share. However, if the stock dips below $1.5934, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.5268.
Currently, the stock is trading in the green of MACD, with a reading of 0.1011. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at JP Morgan raised their recommendation for QEP from Underweight to Neutral in July 20 review. MKM Partners analysts see the stock as a Buy with a target price of $3 in a flash note released to investors on June 18 initiating covering the stock. Scotiabank seeing the stock struggling downgraded it from Sector Perform to Sector Underperform on April 07.
The average rating for the QEP equity is 3 and is currently gathering a bullish momentum. Of 15 analysts tracking QEP Resources, Inc. polled by Reuters, 11 rated QEP as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.