abrdn plc Lowers Position in Magnolia Oil & Gas Co. (NYSE:MGY)

abrdn plc decreased its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 35.3% in the third quarter, Holdings Channel reports. The institutional investor owned 660,201 shares of the company’s stock after selling 360,040 shares during the period. abrdn plc’s holdings in Magnolia Oil & Gas were worth $16,122,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of MGY. Massmutual Trust Co. FSB ADV grew its holdings in Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after purchasing an additional 982 shares during the period. Opal Wealth Advisors LLC purchased a new stake in Magnolia Oil & Gas in the 2nd quarter worth $26,000. GAMMA Investing LLC raised its position in Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after acquiring an additional 1,042 shares during the period. Fidelis Capital Partners LLC purchased a new position in Magnolia Oil & Gas during the first quarter valued at $50,000. Finally, Nisa Investment Advisors LLC grew its position in shares of Magnolia Oil & Gas by 61.9% in the second quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock valued at $72,000 after purchasing an additional 1,090 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $24.98 on Friday. 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 stock has a market cap of $4.97 billion, a P/E ratio of 12.37, a PEG ratio of 1.30 and a beta of 1.99. The company has a 50-day moving average price of $25.32 and a 200 day moving average price of $25.37. Magnolia Oil & Gas Co. has a 12-month low of $19.16 and a 12-month high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.48 by $0.04. The firm had revenue of $333.14 million for 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 20.94%. Sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is presently 25.74%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGY shares. JPMorgan Chase & Co. reduced their price target on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Susquehanna reduced their price objective on 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. Wolfe Research assumed coverage on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an “outperform” rating and a $32.00 target price on the stock. Finally, Wells Fargo & Company cut shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $26.00 to $22.00 in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.67.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.20% of the company’s stock.

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.