Barry Rosenstein’s Jana Partners Reduces Exposure To Oil States International Inc. (OIS)

Jana Partners, managed by Barry Rosenstein, has reduced its stake in Oil States International Inc. (NYSE:OIS). A new filing with the U.S. Securities and Exchange Commission showed that Jana Partners owns 4.57 million shares, down from 6.12 million shares disclosed at the end of March 2014. The fund sold around 1.55 million shares of the company in a multiple transactions for an average price of $64.28 apiece. The new stake is equal to 8.6% of the outstanding common stock.

Barry Rosenstein JANA PARTNERS

Oil States International Inc. (NYSE:OIS) is engaged in manufacturing of products for deepwater production facilities and certain drilling equipment. The company, which has a market cap of $3.33 billion, also provides completion services and land drilling services to the oil and gas industry. On June 9, the company’s stock fell over 3% to $62.50. Analysts have the consensus average target price of $85.50, while the consensus average recommendation is ‘Overweight.’

Last week, Oil States International Inc. (NYSE:OIS) recently has completed the spin-off of its accommodations business Civeo Corp (NYSE:CVEO) through the distribution of all the shares of Civeo common stock to the holders of Oil States common stock. The spin-off became effective at the end of May.

For first-quarter 2014, Oil States International Inc. (NYSE:OIS) reported net income from continuing operations of $71.3 million, or $1.32 per diluted share, compared to net income from continuing operations of $93.2 million, or $1.69 per diluted share, reported in the first quarter of 2013. Revenues were $658.0 million during the first quarter, compared to $675.5 million reported in the 2013 quarter.

Other largest shareholders of the company include David Einhorn’s Greenlight Capital, which owns 2.75 million shares, and Alexander Roepers’ Atlantic Investment Management, which holds 2.47 million shares.

In April, Jana Partners reported reducing its exposure to Outerwall Inc (NASDAQ:OUTR) from 1.72 million to about 997,000 shares.

Disclosure: none

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