Raymond James Trust N.A. Decreases Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Raymond James Trust N.A. cut its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 8.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,902 shares of the company’s stock after selling 1,320 shares during the quarter. Raymond James Trust N.A.’s holdings in Magnolia Oil & Gas were worth $352,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in MGY. Lindbrook Capital LLC lifted its holdings in shares of Magnolia Oil & Gas by 61.5% in the 1st quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock valued at $43,000 after buying an additional 627 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Magnolia Oil & Gas by 5.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,156 shares of the company’s stock valued at $280,000 after acquiring an additional 730 shares in the last quarter. Commerce Bank lifted its holdings in Magnolia Oil & Gas by 4.0% in the fourth quarter. Commerce Bank now owns 24,820 shares of the company’s stock valued at $528,000 after acquiring an additional 945 shares during the period. Fulton Bank N.A. boosted its position in Magnolia Oil & Gas by 10.3% in the 2nd quarter. Fulton Bank N.A. now owns 10,411 shares of the company’s stock worth $264,000 after purchasing an additional 968 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of Magnolia Oil & Gas by 1,753.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after purchasing an additional 982 shares during the period. 94.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MGY has been the subject of several analyst reports. Capital One Financial started coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $28.00 target price for the company. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Wells Fargo & Company dropped their target price on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Mizuho upped their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. Finally, Truist Financial raised their price objective on Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average price target of $28.70.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $25.48 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $27.63. The firm has a market capitalization of $5.07 billion, a PE ratio of 12.68, a P/E/G ratio of 1.17 and a beta of 2.02. The business’s 50 day moving average price is $25.48 and its 200-day moving average price is $24.95.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The company had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. As a group, equities research analysts expect that Magnolia Oil & Gas Co. will post 2.14 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%. Magnolia Oil & Gas’s payout ratio is presently 25.87%.

Magnolia Oil & Gas Company Profile

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.