JANA Partners Trims QEP Resources Stake ~ market folly

Monday, September 8, 2014

JANA Partners Trims QEP Resources Stake

Barry Rosenstein's activist hedge fund firm JANA Partners filed an amended 13D with the SEC regarding their position in QEP Resources (QEP).  Per the filing, JANA now owns 7.2% of the company with just over 12.9 million shares.

This means they've reduced their stake by around 2.3 million shares since the end of the second quarter.  The filing was made due to portfolio activity on September 3rd.

JANA's filing notes that they "reduced the size of its investment ... through regular portfolio management activities."  They also say they're "highly supportive of the recent steps taken by (QEP's) board and management, including (QEP's) announcement of the separation of its midstream business and the addition of a board member with midstream energy expertise to assist with the separation."

You can check out more recent portfolio activity from JANA Partners here.

Per Google Finance, QEP Resources "operates in three lines of business: gas and oil exploration and production, midstream field services, and energy marketing. It conducted through three principal subsidiaries: QEP Energy Company (QEP Energy) acquires, explores for, develops and produces natural gas, oil, and natural gas liquids (NGL); QEP Field Services Company (QEP Field Services) provides midstream field services, including natural gas gathering, processing, compression and treating services for affiliates and third parties; andQEP Marketing Company (QEP Marketing) markets affiliate and third-party natural gas and oil, provides risk-management services, and owns and operates an underground gas-storage reservoir."

blog comments powered by Disqus