Oil States International Inc. could be worth $155 a share if the oil and gas services company converts its accommodations unit into a real estate investment trust, hedge-fund manager David Einhorn said.

Activist investor Jana Partners LLC spoke with Oil States management about creating a REIT for the oilfield housing business, the fund said in a filing on April 30. It also disclosed a 9.1 percent stake in the Houston-based company.

"It sounds like Jana folks might be on to something," Einhorn, president and co-founder of Greenlight Capital Inc., said at the 18th Ira Sohn Investment Conference in New York Wednesday. "We wish them luck for making this happen."

Oil States shares jumped 4.7 percent to $100 at 7:17 p.m. New York time in extended U.S. trading. The stock rose 1.1 percent to $95.47 a share in regular trading, the sixth record in seven days since the Jana disclosure. The company is worth about $118 a share in a sum-of-parts valuation, Einhorn said.