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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