Bank of New York Mellon Corp Has $41.45 Million Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Bank of New York Mellon Corp reduced its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,772,894 shares of the company's stock after selling 50,310 shares during the quarter. Bank of New York Mellon Corp owned 0.90% of Magnolia Oil & Gas worth $41,450,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Soros Fund Management LLC acquired a new position in shares of Magnolia Oil & Gas during the third quarter valued at about $18,120,000. Barclays PLC increased its stake in Magnolia Oil & Gas by 62.5% during the third quarter. Barclays PLC now owns 1,653,736 shares of the company's stock valued at $40,383,000 after acquiring an additional 636,049 shares during the period. State Street Corp raised its holdings in Magnolia Oil & Gas by 4.2% in the 3rd quarter. State Street Corp now owns 10,700,257 shares of the company's stock valued at $261,300,000 after acquiring an additional 435,326 shares in the last quarter. Centiva Capital LP lifted its position in shares of Magnolia Oil & Gas by 767.6% in the 3rd quarter. Centiva Capital LP now owns 487,148 shares of the company's stock worth $11,896,000 after acquiring an additional 430,996 shares during the period. Finally, Vest Financial LLC grew its holdings in shares of Magnolia Oil & Gas by 39.0% during the 4th quarter. Vest Financial LLC now owns 1,521,004 shares of the company's stock worth $35,561,000 after purchasing an additional 426,572 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

Remove Ads

Insider Activity

In other news, CEO Christopher G. Stavros acquired 2,500 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $22.05 per share, for a total transaction of $55,125.00. Following the completion of the transaction, the chief executive officer now directly owns 892,372 shares in the company, valued at $19,676,802.60. This trade represents a 0.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.20% of the stock is currently owned by insiders.

Magnolia Oil & Gas Price Performance

NYSE:MGY traded up $0.38 during mid-day trading on Monday, reaching $23.63. 3,536,733 shares of the company were exchanged, compared to its average volume of 2,228,018. The company has a quick ratio of 1.47, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The stock has a market cap of $4.59 billion, a PE ratio of 12.24, a PEG ratio of 3.01 and a beta of 1.90. Magnolia Oil & Gas Co. has a 12 month low of $21.63 and a 12 month high of $29.02. The company has a fifty day moving average of $24.16 and a 200 day moving average of $25.12.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Magnolia Oil & Gas had a net margin of 27.82% and a return on equity of 20.74%. The business had revenue of $326.61 million for the quarter, compared to analysts' expectations of $327.40 million. On average, research analysts anticipate that Magnolia Oil & Gas Co. will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a dividend of $0.15 per share. The ex-dividend date was Friday, February 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.54%. This is an increase from Magnolia Oil & Gas's previous quarterly dividend of $0.13. Magnolia Oil & Gas's payout ratio is presently 31.09%.

Wall Street Analyst Weigh In

Several research analysts recently commented on MGY shares. Mizuho raised their target price on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Bank of America restated a "neutral" rating and issued a $28.00 price objective (down previously from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Piper Sandler lifted their target price on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, January 29th. Johnson Rice lowered shares of Magnolia Oil & Gas from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group downgraded Magnolia Oil & Gas from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $27.00 to $26.00 in a report on Friday, January 31st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $27.69.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.