What do Hedge Funds Think of ONE Gas Inc (OGS)?

As aggregate interest increased, key hedge funds have jumped into ONE Gas Inc (NYSE:OGS) headfirst. Adage Capital Management, managed by Phill Gross and Robert Atchinson, initiated the most outsized position in ONE Gas Inc (NYSE:OGS). Adage Capital Management had $18.1 million invested in the company at the end of the quarter. Andre F. Perold’s HighVista Strategies also made a $3.6 million investment in the stock during the quarter. The other funds with new positions in the stock are Glenn Russell Dubin’s Highbridge Capital Management, Matthew Hulsizer’s PEAK6 Capital Management, and Paul Tudor Jones’s Tudor Investment Corp.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as ONE Gas Inc (NYSE:OGS) but similarly valued. These stocks are Momo Inc (ADR) (NASDAQ:MOMO), Weibo Corp (ADR) (NASDAQ:WB), Diamond Offshore Drilling Inc (NYSE:DO), and IMAX Corporation (USA) (NYSE:IMAX). All of these stocks’ market caps are similar to OGS’s market cap.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $90 million. That figure was $51 million in OGS’s case. Diamond Offshore Drilling Inc (NYSE:DO) is the most popular stock in this table. On the other hand Momo Inc (ADR) (NASDAQ:MOMO) is the least popular one with only 5 bullish hedge fund positions. ONE Gas Inc (NYSE:OGS) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard DO might be a better candidate to consider a long position.