At the moment, there are many indicators shareholders can use to track the equity markets. A duo of the most underrated are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the top fund managers can beat their index-focused peers by a very impressive amount (see just how much).
Equally as necessary, bullish insider trading activity is another way to analyze the stock market universe. As the old adage goes: there are lots of motivations for a corporate insider to drop shares of his or her company, but just one, very clear reason why they would initiate a purchase. Several academic studies have demonstrated the impressive potential of this method if you know what to do (learn more here).
What’s more, let’s analyze the newest info for ONEOK, Inc. (NYSE:OKE).
How have hedgies been trading ONEOK, Inc. (NYSE:OKE)?
Heading into Q3, a total of 21 of the hedge funds we track were bullish in this stock, a change of 31% from one quarter earlier. With hedgies’ positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were upping their holdings considerably.
Out of the hedge funds we follow, Dmitry Balyasny’s Balyasny Asset Management had the largest call position in ONEOK, Inc. (NYSE:OKE), worth close to $93.6 million, comprising 1.6% of its total 13F portfolio. Coming in second is Renaissance Technologies, managed by Jim Simons, which held a $54.3 million position; 0.1% of its 13F portfolio is allocated to the stock. Other hedge funds that are bullish include Dmitry Balyasny’s Balyasny Asset Management, Ken Griffin’s Citadel Investment Group and Israel Englander’s Millennium Management.
As one would understandably expect, certain bigger names have been driving this bullishness. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the largest call position in ONEOK, Inc. (NYSE:OKE). Balyasny Asset Management had 93.6 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also made a $54.3 million investment in the stock during the quarter. The following funds were also among the new OKE investors: Dmitry Balyasny’s Balyasny Asset Management, Ken Griffin’s Citadel Investment Group, and Israel Englander’s Millennium Management.
What have insiders been doing with ONEOK, Inc. (NYSE:OKE)?
Insider buying is best served when the primary stock in question has experienced transactions within the past 180 days. Over the last half-year time frame, ONEOK, Inc. (NYSE:OKE) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
We’ll go over the relationship between both of these indicators in other stocks similar to ONEOK, Inc. (NYSE:OKE). These stocks are Integrys Energy Group, Inc. (NYSE:TEG), Sempra Energy (NYSE:SRE), AGL Resources Inc. (NYSE:GAS), Western Gas Equity Partners LP (NYSE:WGP), and EQT Corporation (NYSE:EQT). This group of stocks are the members of the gas utilities industry and their market caps match OKE’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Integrys Energy Group, Inc. (NYSE:TEG) | 11 | 0 | 0 |
| Sempra Energy (NYSE:SRE) | 21 | 0 | 0 |
| AGL Resources Inc. (NYSE:GAS) | 13 | 0 | 0 |
| Western Gas Equity Partners LP (NYSE:WGP) | 3 | 0 | 0 |
| EQT Corporation (NYSE:EQT) | 37 | 0 | 0 |
Using the results shown by the previously mentioned tactics, regular investors must always keep one eye on hedge fund and insider trading activity, and ONEOK, Inc. (NYSE:OKE) applies perfectly to this mantra.
