UPDATE: Sterne Agee Upgrades QEP Resources to Neutral, Removes PT Ahead of 4Q Earnings
In a report published Friday, Sterne Agee upgraded its rating on QEP Resources (NYSE: QEP) from Underperform to Neutral, but removed its $28.00 price target.
Sterne Agee noted, “QEP has underperformed our coverage group YTD and we believe our Underperform thesis has played out. While the liquids transition has been slow and costly, initial drilling results from the company's Bakken drilling program have been excellent, and we expect to hear additional details with 4Q earnings next week. Positive near-term drilling catalysts out of the Bakken, coupled with increasingly attractive relative valuations, drive our upgrade to Neutral.”
QEP Resources closed on Thursday at $29.82.
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