Wellington Management Group LLP Trims Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Wellington Management Group LLP cut its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 5.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,969,962 shares of the company’s stock after selling 375,932 shares during the period. Wellington Management Group LLP owned approximately 3.41% of Magnolia Oil & Gas worth $148,390,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC purchased a new position in shares of Magnolia Oil & Gas during the fourth quarter valued at approximately $33,000. VisionPoint Advisory Group LLC lifted its stake in shares of Magnolia Oil & Gas by 112.3% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 1,537 shares of the company’s stock worth $35,000 after acquiring an additional 813 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Magnolia Oil & Gas by 40.4% during the 4th quarter. Quadrant Capital Group LLC now owns 4,623 shares of the company’s stock valued at $98,000 after acquiring an additional 1,331 shares during the period. Arlington Trust Co LLC bought a new position in Magnolia Oil & Gas in the 4th quarter valued at $113,000. Finally, Signaturefd LLC increased its stake in Magnolia Oil & Gas by 11.9% in the fourth quarter. Signaturefd LLC now owns 9,313 shares of the company’s stock worth $198,000 after purchasing an additional 988 shares during the period. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $24.67 on Thursday. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.35 and a beta of 2.00. Magnolia Oil & Gas Co. has a 52-week low of $19.16 and a 52-week high of $27.33. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.21. The company’s 50 day moving average is $25.35 and its 200 day moving average is $23.32.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The business had revenue of $319.42 million for the quarter, compared to the consensus estimate of $308.21 million. Magnolia Oil & Gas had a return on equity of 20.41% and a net margin of 30.46%. On average, sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 2.25 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were issued a $0.13 dividend. The ex-dividend date of this dividend was Friday, May 10th. This represents a $0.52 dividend on an annualized basis and a yield of 2.11%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.87%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MGY. Piper Sandler reissued a “neutral” rating and set a $29.00 target price on shares of Magnolia Oil & Gas in a research note on Friday, April 19th. Bank of America initiated coverage on shares of Magnolia Oil & Gas in a research report on Tuesday, February 27th. They issued a “buy” rating and a $25.00 price objective for the company. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, April 23rd. Mizuho boosted their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Finally, Susquehanna raised their price objective on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $28.11.

Insiders Place Their Bets

In other news, Director John B. Walker sold 12,000,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total value of $306,960,000.00. Following the sale, the director now directly owns 4,164,961 shares in the company, valued at approximately $106,539,702.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is currently owned by corporate insiders.

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.