Fred Alger Management LLC Sells 684 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Fred Alger Management LLC trimmed its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 0.2% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 368,190 shares of the company’s stock after selling 684 shares during the quarter. Fred Alger Management LLC’s holdings in Magnolia Oil & Gas were worth $9,330,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Marshall Wace LLP lifted its stake in Magnolia Oil & Gas by 1,556.3% in the second quarter. Marshall Wace LLP now owns 389,235 shares of the company’s stock worth $9,863,000 after purchasing an additional 365,735 shares during the last quarter. Bank of Montreal Can increased 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 worth $931,000 after buying an additional 640 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of Magnolia Oil & Gas by 4.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 398,054 shares of the company’s stock valued at $10,087,000 after acquiring an additional 18,404 shares during the last quarter. DRW Securities LLC bought a new stake in shares of Magnolia Oil & Gas in the 2nd quarter valued at about $1,389,000. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Magnolia Oil & Gas by 2.5% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 596,975 shares of the company’s stock valued at $15,127,000 after acquiring an additional 14,824 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Insider Buying and Selling

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 sale, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.20% of the stock is owned by insiders.

Analyst Ratings Changes

MGY has been the topic of a number of analyst reports. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Truist Financial upped their price target on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Wells Fargo & Company cut their price target on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Susquehanna lowered their price objective on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $28.00.

Magnolia Oil & Gas Trading Down 3.8 %

Shares of MGY opened at $24.61 on Thursday. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.63. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $25.06 and its 200-day moving average price is $25.31. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.31 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The business had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 2.04 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a $0.13 dividend. The ex-dividend date was Friday, August 9th. This represents a $0.52 annualized dividend and a yield of 2.11%. Magnolia Oil & Gas’s payout ratio is 25.87%.

Magnolia Oil & Gas 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.