Diamond Hill Capital Management Inc. Sells 47,522 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Diamond Hill Capital Management Inc. trimmed its holdings in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 8.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 518,417 shares of the company's stock after selling 47,522 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.26% of Magnolia Oil & Gas worth $12,121,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. First Horizon Advisors Inc. grew its stake in 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. Mather Group LLC. grew its stake in Magnolia Oil & Gas by 100.0% in the 4th quarter. Mather Group LLC. now owns 1,090 shares of the company's stock valued at $25,000 after buying an additional 545 shares in the last quarter. Larson Financial Group LLC grew its stake in Magnolia Oil & Gas by 112.3% in the 4th quarter. Larson Financial Group LLC now owns 1,072 shares of the company's stock valued at $25,000 after buying an additional 567 shares in the last quarter. R Squared Ltd purchased a new position in shares of Magnolia Oil & Gas during the 4th quarter valued at $43,000. Finally, Avior Wealth Management LLC grew its position in shares of Magnolia Oil & Gas by 30.0% during the 4th quarter. Avior Wealth Management LLC now owns 2,194 shares of the company's stock valued at $51,000 after purchasing an additional 506 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Insider Buying and Selling

In related news, CEO Christopher G. Stavros purchased 2,500 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average cost of $22.05 per share, with a total value of $55,125.00. Following the completion of the purchase, the chief executive officer now directly owns 892,372 shares in the company, valued at approximately $19,676,802.60. This represents a 0.28 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

MGY has been the subject of a number of recent analyst reports. Mizuho boosted their price target on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. Bank of America reaffirmed a "neutral" rating and set a $28.00 price objective (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Williams Trading set a $29.00 price objective on shares of Magnolia Oil & Gas in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Finally, Piper Sandler lifted their price objective on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas has an average rating of "Hold" and an average target price of $27.77.

Magnolia Oil & Gas Trading Up 3.9 %

Shares of Magnolia Oil & Gas stock traded up $0.94 during trading on Wednesday, reaching $24.98. 3,696,677 shares of the stock were exchanged, compared to its average volume of 2,082,042. 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's fifty day moving average is $24.12 and its 200 day moving average is $25.02. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 3.01 and a beta of 1.90. Magnolia Oil & Gas Co. has a 1 year low of $21.63 and a 1 year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its earnings results on Tuesday, February 18th. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. The company had revenue of $326.61 million during the quarter, compared to analyst estimates of $327.40 million. Magnolia Oil & Gas had a net margin of 27.82% and a return on equity of 20.74%. As a group, equities research analysts expect that Magnolia Oil & Gas Co. will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.15 dividend. This is an increase from Magnolia Oil & Gas's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend was Friday, February 14th. Magnolia Oil & Gas's dividend payout ratio is presently 31.09%.

Magnolia Oil & Gas Profile

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.