Seeking Alpha

QEP Resources soars as Jana steps up the pressure

  • Gains in QEP Resources (QEP +7.8%) far outpace other energy companies after activist investor Jana Partners disclosed a big stake and offered steps it wants to see to help unlock value.
  • In response, QEP says it has been considering Jana's suggestions, which included support of the IPO of QEP Midstream Partners (QEPM); Jana criticizes the way the MLP was created and wants a fuller separation of the midstream operations, arguing QEP no longer needs control of them and pointing to Devon Energy's plan to combine its midstream operations with Crosstex Energy as a model to follow.
  • Sterne Agee says Jana’s “activism is not a surprise,” and believes Jana is "focused on the correct lever to unlock value - QEP’s Field Services assets not being appropriately valued in QEP Resources’ share price."
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