Allspring Global Investments Holdings LLC Cuts Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Allspring Global Investments Holdings LLC lessened its position in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 5.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,011,495 shares of the company's stock after selling 172,612 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.49% of Magnolia Oil & Gas worth $76,311,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MGY. Massmutual Trust Co. FSB ADV increased its holdings in shares of Magnolia Oil & Gas by 1,753.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company's stock worth $26,000 after purchasing an additional 982 shares during the period. Opal Wealth Advisors LLC bought a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth about $26,000. Mather Group LLC. bought a new position in shares of Magnolia Oil & Gas during the 1st quarter worth about $27,000. Private Wealth Management Group LLC bought a new position in shares of Magnolia Oil & Gas during the 4th quarter worth about $33,000. Finally, GAMMA Investing LLC increased its holdings in shares of Magnolia Oil & Gas by 184.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company's stock worth $41,000 after purchasing an additional 1,042 shares during the period. Institutional investors own 94.73% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on MGY. Piper Sandler decreased their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 15th. Bank of America lifted their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday, July 23rd. Mizuho lifted their target price on shares of Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday, May 13th. Wells Fargo & Company decreased their target price on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Monday, August 5th. Finally, Wolfe Research began coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an "outperform" rating and a $32.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of "Hold" and a consensus price target of $28.70.

Magnolia Oil & Gas Trading Down 1.0 %

Shares of MGY traded down $0.25 on Tuesday, reaching $25.48. 1,597,367 shares of the company's stock were exchanged, compared to its average volume of 2,685,579. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $5.07 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.17 and a beta of 2.02. The business has a 50 day moving average price of $25.48 and a two-hundred day moving average price of $24.95. Magnolia Oil & Gas Co. has a 12 month low of $19.16 and a 12 month high of $27.63.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. The company had revenue of $336.73 million during the quarter, compared to analysts' expectations of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. Research analysts anticipate that Magnolia Oil & Gas Co. will post 2.14 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.04%. The ex-dividend date is Friday, August 9th. Magnolia Oil & Gas's payout ratio is 25.87%.

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.