The board of oil producer QEP Resources Inc should immediately form a committee, independent of Chairman Charles Stanley, to evaluate a spin-off of the company's pipeline business, activist hedge fund Jana Partners LLC said in a letter released publicly on Wednesday. Jana, which disclosed a 7.5 percent stake in the company last month and is now its largest shareholder with 7.6 percent, said Stanley has not fully unlocked the value of the company's pipeline business for shareholders.Jana wants the QEP board to form a committee to study a spin-off, or possibly a sale, of the unit.A QEP representative was not immediately available to comment.Shares of QEP rose 3.4 percent to $33.14 in morning trading.
QEP Resources, Inc. (QEP) is a holding company. The Company operates in three lines of business: gas and oil exploration and production, midstream field services, and energy marketing. Shares of QEP traded higher by 3.37% or $1.08/share to $33.14. In the past year, the shares have traded as low as $25.99 and as high as $34.24. On average, 1796990 shares of QEP exchange hands on a given day and today's volume is recorded at 2661458.
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