Fmr LLC Acquires 22,171 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Fmr LLC raised its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 174.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 34,851 shares of the company’s stock after purchasing an additional 22,171 shares during the period. Fmr LLC’s holdings in Magnolia Oil & Gas were worth $851,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its position in shares of Magnolia Oil & Gas by 64.7% during the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after purchasing an additional 396 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Magnolia Oil & Gas by 2.2% during the 3rd quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after buying an additional 506 shares in the last quarter. Atria Investments Inc boosted its stake in shares of Magnolia Oil & Gas by 2.3% in the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock worth $576,000 after buying an additional 523 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 1.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 52,834 shares of the company’s stock worth $1,290,000 after buying an additional 548 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Magnolia Oil & Gas by 1.8% in the second quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock valued at $931,000 after acquiring an additional 640 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

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 on Monday, September 23rd. The shares were 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 $54,290,561.58. The trade was a 76.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is currently owned by corporate insiders.

Magnolia Oil & Gas Price Performance

MGY opened at $24.24 on Wednesday. The firm has a 50-day moving average price of $26.55 and a 200-day moving average price of $25.65. Magnolia Oil & Gas Co. has a twelve month low of $19.16 and a twelve month high of $29.02. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $4.76 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 1.29 and a beta of 1.99.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Equities analysts expect that Magnolia Oil & Gas Co. will post 2 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.15%. Magnolia Oil & Gas’s payout ratio is 25.74%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Truist Financial lifted their price target on Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Mizuho lifted their target price on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Tuesday. Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $26.00 to $22.00 in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. dropped their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus price target of $27.58.

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.