QEP responds to Jana's demands, activism may spark share gains


In response to increased pressure from Jana Partners hedge fund, QEP Resources (QEP -0.8%) says it is "working to develop strategies and take actions which we believe will create value for all of our shareholders."

Jana, which recently increased its stake in QEP to 7.5% and is the company’s largest shareholder, last week issued a second letter demanding full separation of QEP’s pipeline business from its oil and gas E&P business.

While the probability of QEP changing its strategy with its midstream assets is low for very defensible reasons, Jana's activism in itself creates a catalyst for the stock to outperform, Richard Zeits writes.

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