Magnolia Oil & Gas (NYSE:MGY) Shares Gap Down After Insider Selling

Magnolia Oil & Gas Co. (NYSE:MGY)’s share price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $24.61, but opened at $23.92. Magnolia Oil & Gas shares last traded at $24.19, with a volume of 185,489 shares changing hands.

Specifically, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction dated 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 sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

MGY has been the subject of several research analyst reports. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Bank of America lifted their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Susquehanna lowered their price target 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. JPMorgan Chase & Co. reduced their price objective on 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. Finally, Wells Fargo & Company lowered their target price on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $28.00.

Magnolia Oil & Gas Stock Down 2.4 %

The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.28 and a current ratio of 1.28. The company has a market cap of $4.78 billion, a P/E ratio of 11.99, a P/E/G ratio of 1.31 and a beta of 2.00. The stock has a 50 day moving average price of $25.06 and a 200 day moving average price of $25.31.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Research analysts expect that Magnolia Oil & Gas Co. will post 2.04 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced 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. This represents a $0.52 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s payout ratio is 25.87%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mather Group LLC. acquired a new stake in Magnolia Oil & Gas during the 1st quarter worth about $27,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Magnolia Oil & Gas by 1,753.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after acquiring an additional 982 shares during the period. Opal Wealth Advisors LLC acquired a new position in Magnolia Oil & Gas in the 2nd quarter worth approximately $26,000. GAMMA Investing LLC boosted its stake in Magnolia Oil & Gas by 184.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after purchasing an additional 1,042 shares during the period. Finally, Lindbrook Capital LLC grew its position in Magnolia Oil & Gas by 61.5% during the 1st quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock worth $43,000 after purchasing an additional 627 shares in the last quarter. Institutional investors own 94.73% 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.