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Is Oneok Partners LP (OKS) A Good Stock To Buy?

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After a lengthy stretch of outperformance, small-cap stocks suffered from July 2015 through June 2016, as heightened global economic fears led investors to flee to the safe havens of large-cap stocks and other instruments. Those stocks outperformed small-caps by about 10 percentage points during that time, with small-cap healthcare stocks being particularly hard hit. However, the tide has since turned in a big way, as evidenced by small-caps toppling their large-cap peers by 5 percentage points in the third quarter, and by another 5 percentage points in the first seven weeks of the fourth quarter. In this article, we’ll analyze how this shift affected hedge funds’ Q3 trading of Oneok Partners LP (NYSE:OKS) and see how the stock is affected by the recent hedge fund activity.

Oneok Partners LP (NYSE:OKS) investors should pay attention to an increase in hedge fund sentiment in recent months. There were 7 hedge funds in our database with OKS holdings at the end of the previous quarter. At the end of this article we will also compare OKS to other stocks including Harris Corporation (NYSE:HRS), International Flavors & Fragrances Inc (NYSE:IFF), and Martin Marietta Materials, Inc. (NYSE:MLM) to get a better sense of its popularity.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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Now, let’s review the recent action regarding Oneok Partners LP (NYSE:OKS).

How are hedge funds trading Oneok Partners LP (NYSE:OKS)?

Heading into the fourth quarter of 2016, a total of 9 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 29% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards OKS over the last 5 quarters. So, let’s check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

HedgeFund

Of the funds tracked by Insider Monkey, Renaissance Technologies, one of the biggest hedge funds in the world, holds the most valuable position in Oneok Partners LP (NYSE:OKS). Renaissance Technologies has a $18.4 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second most bullish fund manager is T Boone Pickens of BP Capital, with a $5.8 million position; 2.1% of its 13F portfolio is allocated to the company. Other peers that are bullish comprise William Michaelcheck’s Mariner Investment Group, and Stuart J. Zimmer’s Zimmer Partners. We should note that two of these hedge funds (BP Capital and Zimmer Partners) are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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