Here's Why QEP Resources Inc Stock Is Sinking Today

Shares of QEP Resources (NYSE: QEP) plunged on Thursday morning, down 16% as of 10:30 a.m. EDT, after the company reported second-quarter results and unveiled a major acquisition in the Permian Basin.

While QEP reported an adjusted loss of $30.2 million, or $0.12 per share, that was $0.08 per share better than analysts were expecting. Furthermore, it was an improvement from the year-ago period, during which it recorded an adjusted loss of $50.2 million, or $0.23 per share. However, driving the continued losses is the fact that not only was production flat during the quarter, but higher-margin oil output declined.

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Source: Fool.com