Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

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

Recommended Reading:

Harvest Capital Strategies Increases Stake in Green Dot Corporation (GDOT) by 63%

Ricky Sandler, Eminence Capital Support The Men’s Wearhouse, Inc. (MW)’s Plans To Acquire Jos. A. Bank Clothiers Inc (JOSB)

These Hedge Funds Lost A Bundle Betting On Lululemon Athletica inc. (LULU)

Loading Comments...
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 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!