Phocas Financial Corp. Sells 92,881 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Phocas Financial Corp. lessened its holdings in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 79.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,920 shares of the company's stock after selling 92,881 shares during the period. Phocas Financial Corp.'s holdings in Magnolia Oil & Gas were worth $559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp boosted its stake in shares of Magnolia Oil & Gas by 4.2% in the 3rd quarter. State Street Corp now owns 10,700,257 shares of the company's stock worth $261,300,000 after buying an additional 435,326 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Magnolia Oil & Gas by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,107,769 shares of the company's stock worth $100,332,000 after buying an additional 116,431 shares during the last quarter. Boston Trust Walden Corp boosted its stake in shares of Magnolia Oil & Gas by 9.5% in the 4th quarter. Boston Trust Walden Corp now owns 3,090,587 shares of the company's stock worth $72,258,000 after buying an additional 267,461 shares during the last quarter. Systematic Financial Management LP boosted its stake in shares of Magnolia Oil & Gas by 7.5% in the 3rd quarter. Systematic Financial Management LP now owns 2,920,018 shares of the company's stock worth $71,307,000 after buying an additional 203,514 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in shares of Magnolia Oil & Gas by 10.0% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,782,550 shares of the company's stock worth $67,950,000 after buying an additional 253,911 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MGY shares. Bank of America restated a "neutral" rating and issued a $28.00 target price (down previously from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Piper Sandler upped their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, January 29th. Truist Financial upped their price objective on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Johnson Rice downgraded Magnolia Oil & Gas from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, January 28th. Finally, The Goldman Sachs Group downgraded Magnolia Oil & Gas from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $27.58.

Magnolia Oil & Gas Stock Performance

MGY stock traded down $0.10 during midday trading on Friday, reaching $23.40. 1,713,869 shares of the company's stock traded hands, compared to its average volume of 2,038,727. The company has a 50-day moving average price of $24.20 and a two-hundred day moving average price of $25.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.42. Magnolia Oil & Gas Co. has a 52 week low of $22.37 and a 52 week high of $29.02. The firm has a market capitalization of $4.60 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 3.01 and a beta of 1.98.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. The firm had revenue of $326.61 million for the quarter, compared to analysts' expectations 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 analysts anticipate that Magnolia Oil & Gas Co. will post 2.1 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.56%. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.13. Magnolia Oil & Gas's dividend payout ratio is presently 31.09%.

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.