Victory Capital Management Inc. Cuts Stock Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Victory Capital Management Inc. cut its stake in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 12.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,573,243 shares of the company's stock after selling 760,641 shares during the quarter. Victory Capital Management Inc. owned 2.75% of Magnolia Oil & Gas worth $141,226,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of MGY. Natixis Advisors LLC increased its stake in Magnolia Oil & Gas by 30.3% in the 2nd quarter. Natixis Advisors LLC now owns 93,698 shares of the company's stock valued at $2,374,000 after buying an additional 21,774 shares during the last quarter. Signaturefd LLC lifted its holdings in Magnolia Oil & Gas by 14.5% during the second quarter. Signaturefd LLC now owns 11,112 shares of the company's stock worth $282,000 after acquiring an additional 1,409 shares during the period. F M Investments LLC purchased a new position in Magnolia Oil & Gas in the second quarter worth $11,675,000. Legato Capital Management LLC bought a new position in Magnolia Oil & Gas in the 2nd quarter valued at $244,000. Finally, Bailard Inc. purchased a new stake in shares of Magnolia Oil & Gas during the 2nd quarter valued at $215,000. Institutional investors own 94.73% of the company's stock.

Wall Street Analyst Weigh In

MGY has been the subject of several research reports. Wolfe Research assumed coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an "outperform" rating and a $32.00 price target for the company. Capital One Financial started coverage on shares of Magnolia Oil & Gas in a report on Tuesday, June 11th. They issued an "overweight" rating and a $28.00 price target on the stock. Bank of America raised their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, July 23rd. Mizuho upped their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday, May 13th. Finally, Truist Financial lifted their price objective on Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a "buy" rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of "Hold" and an average price target of $28.60.

Magnolia Oil & Gas Stock Performance

NYSE MGY traded down $0.43 during trading hours on Friday, hitting $23.57. The company's stock had a trading volume of 1,799,835 shares, compared to its average volume of 1,598,688. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The company's 50 day simple moving average is $25.43 and its two-hundred day simple moving average is $25.13. Magnolia Oil & Gas Co. has a 12 month low of $19.16 and a 12 month high of $27.63. The company has a market cap of $4.69 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 1.15 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The firm had revenue of $336.73 million for the quarter, compared to analysts' expectations of $340.72 million. As a group, sell-side analysts expect that Magnolia Oil & Gas Co. will post 2.13 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.21%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas's dividend payout ratio is presently 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.