Principal Financial Group Inc. Purchases 292,865 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Principal Financial Group Inc. raised its holdings in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 14.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,308,825 shares of the company's stock after buying an additional 292,865 shares during the quarter. Principal Financial Group Inc. owned 1.17% of Magnolia Oil & Gas worth $53,983,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MGY. Creative Planning boosted its holdings in Magnolia Oil & Gas by 8.3% during the third quarter. Creative Planning now owns 68,878 shares of the company's stock valued at $1,682,000 after purchasing an additional 5,289 shares in the last quarter. Moody Aldrich Partners LLC lifted its position in shares of Magnolia Oil & Gas by 15.2% during the 3rd quarter. Moody Aldrich Partners LLC now owns 309,433 shares of the company's stock worth $7,556,000 after buying an additional 40,747 shares during the period. Argent Capital Management LLC boosted its stake in Magnolia Oil & Gas by 35.0% in the 3rd quarter. Argent Capital Management LLC now owns 39,290 shares of the company's stock valued at $959,000 after buying an additional 10,179 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Magnolia Oil & Gas by 6.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,364 shares of the company's stock valued at $351,000 after acquiring an additional 889 shares during the period. Finally, Boston Trust Walden Corp raised its stake in Magnolia Oil & Gas by 4.4% during the third quarter. Boston Trust Walden Corp now owns 2,823,126 shares of the company's stock worth $68,941,000 after acquiring an additional 119,582 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MGY. Piper Sandler boosted their target price on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, January 29th. Bank of America restated a "neutral" rating and issued a $28.00 price target (down from $29.00) on shares of Magnolia Oil & Gas in a research report on Monday, January 13th. Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a "buy" rating in a report on Monday, January 13th. The Goldman Sachs Group cut shares of Magnolia Oil & Gas from a "buy" rating to a "neutral" rating and cut their target price for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Finally, Mizuho increased their price target on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $27.58.

Magnolia Oil & Gas Trading Down 2.3 %

MGY traded down $0.57 during trading on Friday, reaching $24.04. 2,633,660 shares of the company's stock were exchanged, compared to its average volume of 1,977,937. The company's fifty day moving average price is $24.22 and its 200-day moving average price is $25.22. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.42. The firm has a market capitalization of $4.72 billion, a PE ratio of 12.45, a P/E/G ratio of 3.01 and a beta of 1.98. Magnolia Oil & Gas Co. has a fifty-two week low of $21.49 and a fifty-two week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. The business had revenue of $326.61 million during the quarter, compared to the consensus estimate of $327.40 million. As a group, equities analysts forecast that Magnolia Oil & Gas Co. will post 2.08 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.50%. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.13. Magnolia Oil & Gas's dividend payout ratio is currently 31.09%.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.