Activist investor Jana Partners LLC increased its stake in oil producer QEP Resources Inc and said it plans to nominate candidates to the company's board. Jana, the largest shareholder of QEP, increased its stake to 9.5 percent from 7.6 percent on Monday.QEP said in December it would spin off its pipeline business after pressure for the activist hedge fund that said the company did not have the expertise to run the unit.Jana said on Monday it would continue to discuss with the board on issues such as separation of QEP Field Services from the company, the board and management composition and its incentive compensation structure, among other things. ()In a U.S. regulatory filing, Jana said it might engage in discussions with shareholders and other interested parties regarding nominating director candidates to the company's board.
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 fell by 0.74% or $-0.22/share to $29.33. In the past year, the shares have traded as low as $26.24 and as high as $34.24. On average, 2554740 shares of QEP exchange hands on a given day and today's volume is recorded at 2796592.
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