QEP Resources Inc (QEP): JANA Partners Cuts Position To Over 7%

JANA Partners, manage by Barry Rosenstein, has reduced its stake in QEP Resources Inc (NYSE:QEP). A newly amended filing with the U.S. Securities and Exchange Commission showed that JANA Partners holds 12.97 million shares of the company, down from 15.31 million shares the fund reported at the end of the second quarter of 2014. The new stock is equivalent to 7.2% of common stock.

In the filing, JANA Partners stated that it has reduced the size of its investment in QEP Resources Inc (NYSE:QEP) shares through regular portfolio management activities. Further, the hedge fund added that it supports the recent steps taken by the company’s board and management, including an announcement of the separation of the company’s midstream business and the addition of a board member with midstream energy expertise to assist with the separation.

QEP Resources Inc (NYSE:QEP) is an independent natural gas and crude oil exploration and production company focused in two major regions, including the Northern Region and the Southern Region of the United States. The company has a market cap of $6.04 billion. In February, Barry Rosenstein and his fund reported trimming its stake in QEP Resources Inc (NYSE:QEP) to 16.88 million shares from 16.99 million shares, equal to 9.4% of the company’s stock.

For the second quarter of 2014, QEP Resources Inc (NYSE:QEP) reported a net loss of $92.3 million, or $0.51 per diluted share, compared to net income of $178.4 million, or $0.99 per diluted share, in the same quarter of 2013. It posted adjusted EBITDA of $400.8 million for the second quarter, up from $389.5 million a year ago.

Other largest shareholders of QEP Resources Inc (NYSE:QEP) include David E. Shaw’s D E Shaw, which holds 4.13 million shares, and Omega Advisors, led by Leon Cooperman, which owns 1.43 million shares of the company.

JANA Partners is a value-oriented, event-driven investment firm that recently reported second-quarter 2014 equity portfolio, containing 65 investments. The value of the portfolio amounts to $16.2 billion, representing a massive increase from $8.5 billion for the first quarter of 2014. The disclosed ownership of 4.54 million shares of Apache Corporation (NYSE:APA), which is represented as the fund’s largest holding for the quarter.

Disclosure: none