Barry Rosenstein’s Jana Partners Trims Stake In QEP Resources (QEP)

Barry Rosenstein’s Jana Partners LLC, trimmed its stake in QEP Resources, Inc (NYSE:QEP) to 16.88 million shares from 16.99 million shares held earlier. The stake amasses 9.4% of the company’s stock.

Jana Partners entered into an agreement with QEP Resources, Inc., under the terms of which the company appointed  William L. Thacker, III to the board. Thacker will serve until the separation of QEP resources’ midstream business through a spin-off, or through a sale or other transaction. The Board is mandated to include Mr. Thacker in all significant matters related to the separation, which even includes the use of proceeds that would be realized from the separation.

Barry Rosenstein JANA PARTNERS

QEP Resources, Inc. (NYSE:QEP) is a diversified holding company and operates in three different business segments. It operates in the gas and oil exploration and production segment, in the midstream field services, and the energy marketing segment. The market cap of the independent natural gas and the crude oil exploration company was $5.71 billion

This month, the company declared a quarterly cash dividend of $0.02 per share, payable on March 7, 2014. The estimated proved reserves of the company totaled 4.1 trillion cubic feet at the end of 2013, up 3% from the year ago period.

Earlier this month, Societe Generale increased the target price of QEP Resources, Inc (NYSE:QEP) to $38.00 from $36.00, with a ‘Buy’ recommendation on the stock following the various strategic initiatives taken by the company. Contrastingly, early this year, Barclays sliced QEP’s stock target price to $36.00 from $39.00, with an ‘Overweight’ rating on the stock.

Other stakeholders of the company include David E. Shaw’s D E Shaw, which held 1.73 million shares, followed closely by Highline Capital Management, led by Jacob Doft, which held 1.729 million shares of the company’s common stock at the end of the fourth quarter last year.

Jana Partners is a “value-oriented, event driven investment firm” founded in 2001 by Barry Rosenstein. The fund is heavy weight on basic materials and services. The total portfolio value of the fund amounted to $7.91 billion in December 2013.

Early this year, Jana Partners reduced its stake in two other companies; Oil States International, Inc. (NYSE:OIS) and Outerwall Inc (NASDAQ:OUTR). The fund sold 106,980 shares in Oil States International, Inc (NYSE:OIS) and 55,954 shares of Outerwall Inc (NASDAQ:OUTR).

Some of the largest investments of the fund as at the end of the fourth quarter of 2013 involves Ashland Inc. (NYSE:ASH), in which Jana owns 6.68 million shares, worth $648.85 million. The fund, also holds 3.01 million shares of Equinox Inc (NASDAQ:EQIX), with a reported value of $534.16 million.

Disclosure:none

Recommended Reading:

Hedge Funds Are Betting Big on These Five Tech Stocks

Five Technology Stocks Hedge Funds Are Crazy About

Electron Capital Partners’ Latest 13F Shows Strong Focus on Utilities

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!