Jana Partners Boosts its Exposure to QEP Resources Inc (QEP)

Barry Rosenstein’s Jana Partners, in a new filing, revealed that it has upped its stake in QEP Resources Inc (NYSE:QEP), to 16.99 million shares, representing 9.5% of Common Stock of the company. The stake has been raised from 13.54 million shares held earlier. Jana Partners, purchased the holding of 16.99 million shares at an aggregate price of $498.3 million,

Barry Rosenstein JANA PARTNERS

The fund will engage in discussions with the QEP Resources, Inc. (NYSE:QEP)’s board and management related to maximizing shareholder value, and how they can separate the company’s  QEP Resources’ midstream business, QEPFS from QEP and the use of proceeds from the resulting separation.

Earlier, in November, the fund sent a letter to company’s board stating a plan that they “have laid out to reverse QEP’s chronic underperformance for shareholders.”

QEP Resources, Inc. (NYSE:QEP) is an independent natural gas and crude oil exploration and production company. In a recent press release, the company announced that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement to acquire oil and gas properties in the Permian Basin for an aggregate purchase price of approximately $950 million.

Citadel Investment Group, managed by Ken Griffin, increased its exposure to the fund in the third quarter of 2013, by 187% and currently holds 1.42 million shares, worth $39.19 million.

Jana Partners, is a value-oriented, event-driven investment firm. Earlier, this month the fund sliced its exposure in Oil States International, Inc. (NYSE:OIS), to 6.12 million shares. It also trimmed its position in Outerwall Inc (NASDAQ:OUTR) to 3.72 million shares.

Disclosure: none

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