Diamond Hill Capital Management Inc. Purchases New Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Diamond Hill Capital Management Inc. purchased a new stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 560,403 shares of the company's stock, valued at approximately $14,201,000. Diamond Hill Capital Management Inc. owned about 0.28% of Magnolia Oil & Gas 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. Vanguard Group Inc. boosted its holdings in Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company's stock worth $538,654,000 after purchasing an additional 2,956,314 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 2,799.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company's stock worth $48,813,000 after buying an additional 1,816,158 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Magnolia Oil & Gas by 20.2% in the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company's stock valued at $215,602,000 after acquiring an additional 1,704,982 shares in the last quarter. Ranger Investment Management L.P. purchased a new stake in shares of Magnolia Oil & Gas during the fourth quarter valued at approximately $25,226,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Magnolia Oil & Gas during the first quarter valued at approximately $30,161,000. 94.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MGY shares. JPMorgan Chase & Co. reduced their price objective on Magnolia Oil & Gas from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday. Capital One Financial assumed coverage on shares of Magnolia Oil & Gas in a research report on Tuesday, June 11th. They set an "overweight" rating and a $28.00 price target for the company. Piper Sandler lowered their price objective 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. Wells Fargo & Company reduced their target price on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an "equal weight" rating for the company in a research report on Monday, August 5th. Finally, Wolfe Research initiated coverage on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. They issued an "outperform" rating and a $32.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $28.00.

Magnolia Oil & Gas Price Performance

MGY stock traded up $0.37 during mid-day trading on Monday, hitting $24.21. 1,671,860 shares of the stock were exchanged, compared to its average volume of 2,615,339. 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 stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.12 and a beta of 2.00. The business has a fifty day moving average price of $25.22 and a 200 day moving average price of $25.21. 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 issued its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. The business had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. On average, sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 2.13 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas's payout ratio is presently 25.87%.

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.