Aaon makes residential and commercial heating and air conditioning equipment for the replacement and new construction markets. Dollarhide said the company is likely benefiting from new orders from companies that put off buying replacements for their heat and air systems during the recession.
Access Midstream Partners LP, which bought natural gas pipeline, compression and storage facilities in several major shale plays from Chesapeake Energy Corp., rose 42 percent in the first half of the year. It was among several midstream companies posting large gains, including Blue Knight Energy Partners, NGL Energy Partners and Magellan Midstream Partners.
Oklahoma City-based drive-in chain Sonic Corp. rose 40 percent in the first six months of the year. It started the year at $10.41 per share, but ended June at $14.55. Dollarhide said Sonic fills a unique niche among fast-food restaurants. Its stock suffered during the recession as consumers sought value-menu items at competing restaurants. With a rebounding economy, he said consumers are willing to pay a little more for creative menu items at Sonic.
“The economy is recovering and consumers have a little more discretionary income,” Dollarhide said. “As a regional chain, they're also big in states with stronger economies, like Oklahoma and Texas.”
With a boardroom shake-up and the eventual resignation of CEO Tom Ward, shares of SandRidge fell 25 percent in the first half of the year. Dollarhide said new management hasn't translated into stock gains, at least so far. “With a new management team, it may take a while, but I wouldn't be surprised to see a resurgence in the stock,” Dollarhide said. “It's now being run by people with a private equity background, and hopefully the company can put the controversy behind it.”
Other large energy companies in Oklahoma City had a mixed first half of the year. Chesapeake Energy shares rebounded in the first quarter but were flat in the second quarter. The company's shares rose from $16.60 at the beginning of the year to $20.38 at the end of June.
Continental Resources Inc. was up 17 percent in the first six months.
Devon Energy Corp. rose 8 percent in the first quarter, but erased those gains in the second quarter. It essentially ended the first half of the year at the $52 per share price it posted at the beginning of the year.