Systematic Financial Management LP raised its stake in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 7.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,920,018 shares of the company's stock after buying an additional 203,514 shares during the period. Magnolia Oil & Gas accounts for 1.8% of Systematic Financial Management LP's holdings, making the stock its 2nd largest holding. Systematic Financial Management LP owned approximately 1.49% of Magnolia Oil & Gas worth $71,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of MGY. First Horizon Advisors Inc. increased its holdings in Magnolia Oil & Gas by 64.7% in the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company's stock valued at $25,000 after purchasing an additional 396 shares during the period. Jennison Associates LLC raised its position in shares of Magnolia Oil & Gas by 2.2% during the third quarter. Jennison Associates LLC now owns 23,836 shares of the company's stock worth $582,000 after acquiring an additional 506 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Magnolia Oil & Gas by 2.3% in the third quarter. Atria Investments Inc now owns 23,576 shares of the company's stock worth $576,000 after acquiring an additional 523 shares during the period. PNC Financial Services Group Inc. increased its position in Magnolia Oil & Gas by 1.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 52,834 shares of the company's stock valued at $1,290,000 after purchasing an additional 548 shares during the period. Finally, Bank of Montreal Can lifted its position in shares of Magnolia Oil & Gas by 1.8% in the 2nd quarter. Bank of Montreal Can now owns 36,716 shares of the company's stock worth $931,000 after purchasing an additional 640 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on MGY shares. JPMorgan Chase & Co. lowered their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, September 12th. Truist Financial boosted their price objective on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Benchmark reaffirmed a "hold" rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Piper Sandler dropped their price target on 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. Finally, Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of "Hold" and a consensus target price of $27.67.
Get Our Latest Stock Analysis on MGY
Insider Activity at Magnolia Oil & Gas
In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The trade was a 76.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.20% of the stock is currently owned by company insiders.
Magnolia Oil & Gas Stock Up 0.6 %
Shares of NYSE:MGY traded up $0.17 during mid-day trading on Thursday, hitting $26.71. 567,770 shares of the company traded hands, compared to its average volume of 2,448,382. The stock has a market cap of $5.25 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.40 and a beta of 1.99. The stock has a 50-day moving average price of $26.50 and a two-hundred day moving average price of $25.62. Magnolia Oil & Gas Co. has a 12-month low of $19.16 and a 12-month high of $29.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20.
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, beating analysts' consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. The company had revenue of $333.14 million for the quarter, compared to analyst estimates of $331.45 million. On average, equities research analysts forecast that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current year.
Magnolia Oil & Gas Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Friday, November 8th. Magnolia Oil & Gas's dividend payout ratio is presently 25.74%.
Magnolia Oil & Gas Profile
(
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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