Allspring Global Investments Holdings LLC Has $74.77 Million Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Allspring Global Investments Holdings LLC grew its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 1.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,061,846 shares of the company’s stock after buying an additional 50,351 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.51% of Magnolia Oil & Gas worth $74,770,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Vest Financial LLC raised its stake in shares of Magnolia Oil & Gas by 18.1% in the 3rd quarter. Vest Financial LLC now owns 1,094,432 shares of the company’s stock valued at $26,726,000 after acquiring an additional 168,003 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Magnolia Oil & Gas in the third quarter worth $383,000. Seven Grand Managers LLC bought a new stake in shares of Magnolia Oil & Gas during the 3rd quarter worth $4,884,000. Kapitalo Investimentos Ltda acquired a new position in Magnolia Oil & Gas in the 3rd quarter valued at $320,000. Finally, Foster Victor Wealth Advisors LLC raised its holdings in Magnolia Oil & Gas by 42.1% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 294,738 shares of the company’s stock worth $7,781,000 after acquiring an additional 87,292 shares during the period. Institutional investors own 94.73% of the company’s stock.

Insider Activity at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the business’s 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 completion of the transaction, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price target 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. Truist Financial dropped their price target on Magnolia Oil & Gas from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective on the stock. in a research note on Tuesday, October 15th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Finally, Susquehanna reduced their price target on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Hold” and a consensus target price of $27.50.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $25.89 on Tuesday. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 1.34 and a beta of 1.99. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.63. The company has a 50 day moving average of $25.20 and a 200-day moving average of $25.41.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate 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. On average, equities analysts forecast that Magnolia Oil & Gas Co. will post 1.98 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.01%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.49%.

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.