Bridgewater Associates LP Decreases Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Bridgewater Associates LP lessened its stake in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 96.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 20,561 shares of the company's stock after selling 517,263 shares during the quarter. Bridgewater Associates LP's holdings in Magnolia Oil & Gas were worth $502,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Magnolia Oil & Gas during the 3rd quarter worth about $25,000. First Horizon Advisors Inc. boosted its holdings in shares of Magnolia Oil & Gas by 64.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company's stock valued at $25,000 after buying an additional 396 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Magnolia Oil & Gas in the 2nd quarter valued at $26,000. Massmutual Trust Co. FSB ADV lifted its position in Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company's stock valued at $26,000 after acquiring an additional 982 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Magnolia Oil & Gas by 184.4% in the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company's stock valued at $41,000 after acquiring an additional 1,042 shares in the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Mizuho decreased their price objective on Magnolia Oil & Gas from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Monday, September 16th. Truist Financial boosted their price target on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, November 1st. Piper Sandler decreased their price objective on Magnolia Oil & Gas from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 15th. Susquehanna decreased their price target on Magnolia Oil & Gas from $33.00 to $32.00 and set a "positive" rating for the company in a report on Wednesday, September 4th. Finally, Wells Fargo & Company cut shares of Magnolia Oil & Gas from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $27.67.

Insiders Place Their Bets

In related news, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now owns 2,099,403 shares in the company, valued at $54,290,561.58. This represents a 76.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is currently owned by company insiders.

Magnolia Oil & Gas Price Performance

NYSE MGY traded up $0.08 during trading hours on Tuesday, reaching $27.45. The company's stock had a trading volume of 1,659,132 shares, compared to its average volume of 2,460,466. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a market cap of $5.40 billion, a PE ratio of 13.57, a PEG ratio of 1.39 and a beta of 1.99. The company's 50-day moving average is $26.42 and its two-hundred day moving average is $25.59. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The company had revenue of $333.14 million during the quarter, compared to analysts' expectations of $331.45 million. Analysts forecast that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 annualized dividend and a yield of 1.89%. Magnolia Oil & Gas's dividend payout ratio is currently 25.74%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.