PNC Financial Services Group Inc. Grows Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

PNC Financial Services Group Inc. grew its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,834 shares of the company’s stock after purchasing an additional 548 shares during the period. PNC Financial Services Group Inc.’s holdings in Magnolia Oil & Gas were worth $1,290,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. increased its stake in shares of Magnolia Oil & Gas by 9.9% during the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock valued at $237,927,000 after purchasing an additional 847,542 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Magnolia Oil & Gas by 16.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock worth $114,554,000 after buying an additional 627,933 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Magnolia Oil & Gas by 1.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,061,846 shares of the company’s stock valued at $74,770,000 after purchasing an additional 50,351 shares during the period. Boston Trust Walden Corp lifted its holdings in shares of Magnolia Oil & Gas by 4.4% during the 3rd quarter. Boston Trust Walden Corp now owns 2,823,126 shares of the company’s stock valued at $68,941,000 after buying an additional 119,582 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Magnolia Oil & Gas by 10.1% in the third quarter. Principal Financial Group Inc. now owns 2,015,960 shares of the company’s stock worth $49,238,000 after purchasing an additional 184,793 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $27.68 on Thursday. Magnolia Oil & Gas Co. has a twelve month low of $19.16 and a twelve month high of $29.02. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.43 and a beta of 1.99. 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 of $26.28 and a 200 day moving average of $25.54.

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

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.88%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.74%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $26.00 to $22.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target on the stock. in a research report on Tuesday, October 15th. Truist Financial upped their price objective on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Piper Sandler reduced their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnolia Oil & Gas has an average rating of “Hold” and an average price target of $27.67.

Insider Activity at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on 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 transaction, the director now owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. This represents a 76.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.40% of the company’s stock.

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.