US Bancorp DE reduced its holdings in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 42.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,422 shares of the company's stock after selling 21,644 shares during the quarter. US Bancorp DE's holdings in Magnolia Oil & Gas were worth $718,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of MGY. Mutual of America Capital Management LLC acquired a new stake in shares of Magnolia Oil & Gas in the first quarter valued at about $828,000. Texas Permanent School Fund Corp bought a new stake in Magnolia Oil & Gas during the first quarter worth $4,207,000. Duality Advisers LP acquired a new stake in Magnolia Oil & Gas in the first quarter valued at $414,000. Quantbot Technologies LP bought a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at about $762,000. Finally, Anchor Capital Advisors LLC raised its holdings in shares of Magnolia Oil & Gas by 3.3% in the 1st quarter. Anchor Capital Advisors LLC now owns 96,401 shares of the company's stock valued at $2,502,000 after purchasing an additional 3,122 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts recently commented on MGY shares. Wolfe Research initiated coverage on Magnolia Oil & Gas in a report on Thursday, July 18th. They set an "outperform" rating and a $32.00 price target for the company. JPMorgan Chase & Co. cut their price target on Magnolia Oil & Gas from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Thursday, September 12th. Truist Financial upped their price objective on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a "buy" rating in a report on Friday, November 1st. Benchmark restated a "hold" rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Finally, Susquehanna cut their price objective on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a "positive" rating for the company in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Magnolia Oil & Gas has an average rating of "Hold" and a consensus target price of $27.67.
Get Our Latest Stock Analysis on Magnolia Oil & Gas
Magnolia Oil & Gas Price Performance
NYSE:MGY traded up $0.49 during mid-day trading on Friday, reaching $27.41. The stock had a trading volume of 1,746,834 shares, compared to its average volume of 1,759,137. The stock has a 50-day simple moving average of $25.41 and a two-hundred day simple moving average of $25.38. 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 12 month low of $19.16 and a 12 month high of $27.63. The stock has a market capitalization of $5.39 billion, a PE ratio of 13.57, a P/E/G ratio of 1.39 and a beta of 1.99.
Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. The business had revenue of $333.14 million for the quarter, compared to analyst estimates of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. On average, equities analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current year.
Magnolia Oil & Gas Announces Dividend
The business 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 of this dividend is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.90%. Magnolia Oil & Gas's dividend payout ratio is currently 25.74%.
Insiders Place Their Bets
In other news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares of the company's stock, valued at approximately $54,290,561.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.20% of the company's stock.
About Magnolia Oil & Gas
(
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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