Principal Financial Group Inc. Has $46.40 Million Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Principal Financial Group Inc. lowered its position in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 2.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,831,167 shares of the company's stock after selling 49,872 shares during the quarter. Principal Financial Group Inc. owned about 0.90% of Magnolia Oil & Gas worth $46,402,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGY. Mather Group LLC. acquired a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at $27,000. 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 buying an additional 982 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Magnolia Oil & Gas during the second quarter worth about $26,000. Private Wealth Management Group LLC acquired a new stake in shares of Magnolia Oil & Gas during the fourth quarter valued at about $33,000. Finally, GAMMA Investing LLC increased its position in shares of Magnolia Oil & Gas by 184.4% during 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 during the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Stock Down 0.9 %

Shares of Magnolia Oil & Gas stock traded down $0.22 on Friday, reaching $25.61. 2,015,560 shares of the company were exchanged, compared to its average volume of 2,663,315. The stock's 50 day moving average price is $25.53 and its 200-day moving average price is $25.03. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.63. The company has a market cap of $5.19 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The company had revenue of $336.73 million during the quarter, compared to analysts' expectations of $340.72 million. As a group, equities analysts forecast that Magnolia Oil & Gas Co. will post 2.14 EPS 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 $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.03%. The ex-dividend date is Friday, August 9th. Magnolia Oil & Gas's dividend payout ratio (DPR) is presently 25.87%.

Wall Street Analysts Forecast Growth

MGY has been the subject of a number of research analyst reports. Bank of America increased their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, July 23rd. Susquehanna lifted their price objective on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a "positive" rating in a research note on Monday, July 22nd. Wolfe Research initiated coverage on Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an "outperform" rating and a $32.00 target price on the stock. Mizuho raised their target price on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a "neutral" rating in a report on Monday, May 13th. Finally, Piper Sandler cut their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $28.70.

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.