HighTower Advisors LLC Makes New Investment in Magnolia Oil & Gas Co. (NYSE:MGY)

HighTower Advisors LLC purchased a new position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) during the third quarter, Holdings Channel reports. The institutional investor purchased 14,200 shares of the company’s stock, valued at approximately $353,000.

Several other institutional investors have also recently made changes to their positions in the company. Oliver Luxxe Assets LLC grew its holdings in Magnolia Oil & Gas by 80.6% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 87,624 shares of the company’s stock worth $2,140,000 after acquiring an additional 39,098 shares in the last quarter. FMR LLC increased its holdings in Magnolia Oil & Gas by 174.9% during the third quarter. FMR LLC now owns 34,851 shares of the company’s stock valued at $851,000 after buying an additional 22,171 shares during the period. Ensign Peak Advisors Inc increased its holdings in Magnolia Oil & Gas by 5.6% during the second quarter. Ensign Peak Advisors Inc now owns 68,919 shares of the company’s stock valued at $1,746,000 after buying an additional 3,630 shares during the period. Intech Investment Management LLC bought a new position in Magnolia Oil & Gas in the third quarter worth approximately $1,252,000. Finally, Bank of New York Mellon Corp lifted its holdings in Magnolia Oil & Gas by 1.9% during the second quarter. Bank of New York Mellon Corp now owns 1,976,184 shares of the company’s stock worth $50,077,000 after buying an additional 36,018 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MGY shares. Piper Sandler reduced their price target on Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Tuesday, December 17th. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Mizuho lifted their price objective on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Wells Fargo & Company cut shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $26.00 to $22.00 in a research report on Tuesday, October 1st. Finally, Susquehanna reduced their price target on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Stock Performance

Shares of MGY opened at $22.89 on Monday. The stock has a 50-day moving average of $26.31 and a two-hundred day moving average of $25.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a market cap of $4.50 billion, a P/E ratio of 11.33, a P/E/G ratio of 1.29 and a beta of 1.99. Magnolia Oil & Gas Co. has a one year low of $19.16 and a one year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million for the quarter, compared to analyst estimates of $331.45 million. As a group, research analysts predict that Magnolia Oil & Gas Co. will post 2 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were paid a $0.13 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.27%. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

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.