UPDATE: Canaccord Genuity Initiates Coverage on QEP Resources with Hold Rating, $31 PT on Mixed Factors

In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on

with a Hold rating and $31.00 price target. In the report, Canaccord Genuity noted, “QEP is still in the midst of a transition from natural gas to oil production. We are encouraged by its oil results thus far in the Williston Basin, but we feel that the stock is still too weighted to its Haynesville/Rockies/MidContinent natural gas plays, two of which are relatively high cost. The high debt load is also a concern.” QEP Resources closed on Monday at $28.68.