Fred Alger Management LLC Sells 32,397 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Fred Alger Management LLC decreased its stake in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 8.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 335,793 shares of the company's stock after selling 32,397 shares during the period. Fred Alger Management LLC owned 0.17% of Magnolia Oil & Gas worth $8,200,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its holdings in Magnolia Oil & Gas by 9.9% in the 2nd quarter. American Century Companies Inc. now owns 9,389,368 shares of the company's stock worth $237,927,000 after acquiring an additional 847,542 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Magnolia Oil & Gas by 16.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company's stock worth $114,554,000 after purchasing an additional 627,933 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Magnolia Oil & Gas by 1.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,061,846 shares of the company's stock worth $74,770,000 after purchasing an additional 50,351 shares in the last quarter. Boston Trust Walden Corp raised its position in shares of Magnolia Oil & Gas by 4.4% in the third quarter. Boston Trust Walden Corp now owns 2,823,126 shares of the company's stock valued at $68,941,000 after purchasing an additional 119,582 shares during the period. Finally, Loomis Sayles & Co. L P lifted its stake in shares of Magnolia Oil & Gas by 10.0% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,782,550 shares of the company's stock valued at $67,950,000 after buying an additional 253,911 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGY has been the subject of several recent research reports. Susquehanna reduced their price target on Magnolia Oil & Gas from $33.00 to $32.00 and set a "positive" rating for the company in a research report on Wednesday, September 4th. Siebert Williams Shank cut shares of Magnolia Oil & Gas from a "buy" rating to a "hold" rating and set a $30.00 price target on the stock. in a report on Tuesday, October 15th. Piper Sandler dropped their price objective on Magnolia Oil & Gas from $29.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, August 15th. Truist Financial upped their target price on Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. dropped their price target on Magnolia Oil & Gas from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, September 12th. Two investment 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 stock has a consensus rating of "Hold" and an average price target of $27.67.

Magnolia Oil & Gas Price Performance

MGY traded up $0.06 during midday trading on Friday, hitting $27.74. The stock had a trading volume of 921,810 shares, compared to its average volume of 1,463,431. The company has a market cap of $5.45 billion, a P/E ratio of 13.73, a price-to-earnings-growth ratio of 1.41 and a beta of 1.99. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $29.02. The business has a fifty day moving average of $26.40 and a 200 day moving average of $25.58. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47.

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

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.87%. Magnolia Oil & Gas's dividend payout ratio is currently 25.74%.

Insider Activity

In other news, Director Ltd. Enervest sold 7,000,000 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. This trade represents a 76.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

About Magnolia Oil & Gas

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.