Insider Selling: Magnolia Oil & Gas Co. (NYSE:MGY) Director Sells 7,000,000 Shares of Stock

Magnolia Oil & Gas Co. (NYSE:MGY) Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction dated 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 approximately $54,290,561.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Magnolia Oil & Gas Stock Down 3.8 %

MGY stock traded down $0.97 during mid-day trading on Wednesday, reaching $24.61. The company had a trading volume of 2,576,731 shares, compared to its average volume of 2,628,456. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a 50 day simple moving average of $25.06 and a two-hundred day simple moving average of $25.31. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.31 and a beta of 2.00. Magnolia Oil & Gas Co. has a 52 week low of $19.16 and a 52 week high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results 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 firm had revenue of $336.73 million during the quarter, compared to the consensus estimate of $340.72 million. As a group, equities analysts predict that Magnolia Oil & Gas Co. will post 2.04 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 annualized dividend and a dividend yield of 2.11%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MGY shares. 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 report on Thursday, August 15th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Susquehanna dropped their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. JPMorgan Chase & Co. dropped their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Finally, 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. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $28.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Magnolia Oil & Gas by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after purchasing an additional 2,956,314 shares during the period. Principal Financial Group Inc. raised its holdings in Magnolia Oil & Gas by 2,799.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock valued at $48,813,000 after acquiring an additional 1,816,158 shares in the last quarter. First Trust Advisors LP raised its holdings in Magnolia Oil & Gas by 20.2% in the 4th quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after acquiring an additional 1,704,982 shares in the last quarter. Ranger Investment Management L.P. acquired a new position in Magnolia Oil & Gas in the 4th quarter valued at $25,226,000. Finally, Jacobs Levy Equity Management Inc. acquired a new position in Magnolia Oil & Gas in the 1st quarter valued at $30,161,000. 94.73% of the stock is currently owned by institutional investors.

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.