Principal Financial Group Inc. lifted its stake in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 10.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,015,960 shares of the company's stock after acquiring an additional 184,793 shares during the period. Principal Financial Group Inc. owned 0.99% of Magnolia Oil & Gas worth $49,238,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in MGY. Mutual of America Capital Management LLC bought a new stake in shares of Magnolia Oil & Gas in the 1st quarter valued at about $828,000. Texas Permanent School Fund Corp acquired a new stake in Magnolia Oil & Gas in the first quarter valued at approximately $4,207,000. Duality Advisers LP purchased a new position in Magnolia Oil & Gas in the first quarter worth $414,000. Quantbot Technologies LP acquired a new stake in shares of Magnolia Oil & Gas in the 1st quarter worth $762,000. Finally, Headlands Technologies LLC purchased a new position in Magnolia Oil & Gas during the 1st quarter worth $181,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have commented on MGY. Mizuho decreased their price target on Magnolia Oil & Gas from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Monday, September 16th. Benchmark reiterated a "hold" rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Susquehanna dropped their target price on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a "positive" rating on the stock in a research report on Wednesday, September 4th. Wolfe Research assumed coverage on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an "outperform" rating and a $32.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Thursday, September 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $27.67.
Get Our Latest Analysis on Magnolia Oil & Gas
Magnolia Oil & Gas Stock Performance
NYSE:MGY traded up $0.12 during trading hours on Monday, reaching $27.53. The company had a trading volume of 1,129,768 shares, compared to its average volume of 2,525,484. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.73. The business's 50 day moving average price is $25.41 and its 200-day moving average price is $25.38. The firm has a market cap of $5.41 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.39 and a beta of 1.99.
Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The company had revenue of $333.14 million during the quarter, compared to analysts' expectations of $331.45 million. Research analysts forecast that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.
Magnolia Oil & Gas Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.89%. Magnolia Oil & Gas's dividend payout ratio is currently 25.74%.
Insider Activity at Magnolia Oil & Gas
In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by insiders.
Magnolia Oil & Gas Profile
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Free Report)
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.
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