By late morning, shares had plunged 11.7% to $28.26.
The oil and gas holding company reported a quarterly net loss of $52 million, or 29 cents a share, compared to a net loss of $23.1 million, or 13 cents a share, in the year-ago quarter.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $377.1 million, 3.3% lower than a year earlier.
Excluding one-time charges, the company earned 17 cents a share. Analysts surveyed by Thomson Reuters had forecast 40 cents a share.
Revenue was 1.5% higher than a year earlier to $715.5 million, but fell short of consensus of $767.8 million.
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TheStreet Ratings team rates QEP RESOURCES INC as a Hold with a ratings score of C+. The team has this to say about their recommendation:
"We rate QEP RESOURCES INC (QEP) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."
- You can view the full analysis from the report here: QEP Ratings Report