Bridgewater Associates LP Trims Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Bridgewater Associates LP reduced its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 96.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,561 shares of the company’s stock after selling 517,263 shares during the quarter. Bridgewater Associates LP’s holdings in Magnolia Oil & Gas were worth $502,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Tidal Investments LLC bought a new position in Magnolia Oil & Gas in the 1st quarter worth about $566,000. Comerica Bank increased its holdings in Magnolia Oil & Gas by 38.8% during the 1st quarter. Comerica Bank now owns 172,569 shares of the company’s stock worth $4,478,000 after purchasing an additional 48,228 shares during the period. GAMMA Investing LLC raised its position in Magnolia Oil & Gas by 184.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after purchasing an additional 1,042 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Magnolia Oil & Gas by 1,753.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after buying an additional 982 shares during the period. Finally, Fulton Bank N.A. grew its position in shares of Magnolia Oil & Gas by 10.3% during the 2nd quarter. Fulton Bank N.A. now owns 10,411 shares of the company’s stock worth $264,000 after buying an additional 968 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Trading Down 1.3 %

Magnolia Oil & Gas stock opened at $27.37 on Tuesday. Magnolia Oil & Gas Co. has a one year low of $19.16 and a one year high of $29.02. The stock has a market cap of $5.38 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.41 and a beta of 1.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a 50-day moving average of $26.42 and a two-hundred day moving average of $25.59.

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, topping the consensus estimate of $0.48 by $0.04. The company had revenue of $333.14 million for the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. On average, research analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, November 8th. Magnolia Oil & Gas’s payout ratio is 25.74%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wells Fargo & Company downgraded Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $26.00 to $22.00 in a report on Tuesday, October 1st. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Siebert Williams Shank lowered 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 report on Tuesday, October 15th. Susquehanna lowered their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Finally, Mizuho dropped their target price on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Magnolia Oil & Gas has a consensus rating of “Hold” and an average target price of $27.67.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the company’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 owns 2,099,403 shares in the company, valued at $54,290,561.58. This represents a 76.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.20% of the company’s stock.

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.