Commerce Bank Cuts Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Commerce Bank cut its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 3.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,722 shares of the company’s stock after selling 740 shares during the quarter. Commerce Bank’s holdings in Magnolia Oil & Gas were worth $579,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. American Century Companies Inc. raised its position in Magnolia Oil & Gas by 9.9% in the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock worth $237,927,000 after acquiring an additional 847,542 shares during the period. Dimensional Fund Advisors LP grew its holdings in Magnolia Oil & Gas by 16.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock valued at $114,554,000 after purchasing an additional 627,933 shares during the period. SIR Capital Management L.P. purchased a new stake in Magnolia Oil & Gas in the second quarter worth $15,106,000. Boston Trust Walden Corp raised its stake in shares of Magnolia Oil & Gas by 26.7% in the second quarter. Boston Trust Walden Corp now owns 2,703,544 shares of the company’s stock valued at $68,508,000 after buying an additional 568,998 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of Magnolia Oil & Gas during the 2nd quarter valued at $14,201,000. 94.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MGY has been the subject of several recent research reports. Siebert Williams Shank lowered Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective for the company. in a report on Tuesday, October 15th. Mizuho reduced their target price on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Truist Financial upped their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. reduced their price objective on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Finally, Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Hold” and an average target price of $27.67.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, 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 transaction of $181,020,000.00. Following the transaction, 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 76.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.40% of the company’s stock.

Magnolia Oil & Gas Stock Performance

Shares of MGY opened at $28.21 on Tuesday. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The stock has a 50-day moving average price of $26.14 and a 200-day moving average price of $25.51. The company has a market cap of $5.54 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.46 and a beta of 1.99. Magnolia Oil & Gas Co. has a 12-month low of $19.16 and a 12-month high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04. The business had revenue of $333.14 million during the quarter, compared to analyst estimates of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. As a group, equities analysts forecast that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.84%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.74%.

Magnolia Oil & Gas 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.