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Barry Rosenstein, Jana Partners Cut Their Stake in Oil States International

Jana Partners, managed by Barry Rosenstein has reduced its position in Oil States International, Inc. (NYSE:OIS). According to a filing with the Securities and Exchange Commission the fund sold over 223,000 shares, currently owning around 6.2 million shares. The stock has been sold in six transactions, the average price amounting to $106.38 per share. The total value of the deals amounts to $23.7 million.

Barry Rosenstein JANA PARTNERS

The stock held currently by Jana in Oil States is still higher than reported in its latest 13F. At the end of the third quarter, the fund disclosed holding 5.5 million shares of the company, the holding being one of the largest in its equity portfolio.

Oil States International returned over 40% in terms of stock price since the beginning of the year. The stock trails a solid P/E of 16.2.

The company is currently conducting the spin-off of its Accomodations segment, recently naming Bradley Dodson to serve as the CEO of the Accomodations. The spin-off is expected to increase the shareholder value for Oil States, since its position is well established strategically and is capable to act as a separate entity. Following the separation, Oil States will be responsible for operating other two important business segments: offshore products and services on well sites. Accomodations will be responsible for services on well site as well, and will be engaged in provision of accommodations for workforce like housing.

A couple of days ago, Jana Partners reported about increasing its position in QEP Resources Inc (NYSE:QEP), another company in the oil industry. The fund currently holds over 13.5 million shares of the company, equal to 7.6% of the outstanding stock. Aside from that, Jana is going activist on QEP Resources and currently is negotiating a plan that will allow the company to increase its shareholder value. Among other things, Barry Rosenstein’s fund insists that QEP Resources should separate its midstream business.

Disclosure: none

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