Federated Hermes Inc. Takes Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Federated Hermes Inc. purchased a new stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 263,842 shares of the company’s stock, valued at approximately $6,686,000.

Other hedge funds have also modified their holdings of the company. Brown Advisory Inc. bought a new stake in shares of Magnolia Oil & Gas during the fourth quarter valued at approximately $694,000. Nordea Investment Management AB boosted its stake in Magnolia Oil & Gas by 37.1% in the first quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock valued at $13,387,000 after acquiring an additional 141,046 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in Magnolia Oil & Gas in the first quarter valued at approximately $1,721,000. Texas Permanent School Fund Corp bought a new position in Magnolia Oil & Gas in the first quarter valued at approximately $4,207,000. Finally, Vanguard Group Inc. boosted its stake in Magnolia Oil & Gas by 16.6% in the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after acquiring an additional 2,956,314 shares during the last quarter. 94.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MGY shares. Piper Sandler reduced their price objective 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. Susquehanna reduced their price objective on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Bank of America increased their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Wolfe Research began coverage on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Hold” and an average target price of $28.00.

Magnolia Oil & Gas Trading Up 2.6 %

Shares of NYSE:MGY opened at $24.83 on Wednesday. Magnolia Oil & Gas Co. has a 12 month low of $19.16 and a 12 month high of $27.63. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.21. The company’s fifty day simple moving average is $25.18 and its 200 day simple moving average is $25.23. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.12 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The business had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. As a group, research analysts forecast that Magnolia Oil & Gas Co. will post 2.13 EPS 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 issued a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.09%. Magnolia Oil & Gas’s payout ratio is 25.87%.

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.