JPMorgan Chase & Co. Lowers Stock Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

JPMorgan Chase & Co. lessened its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 4.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 717,494 shares of the company’s stock after selling 30,190 shares during the period. JPMorgan Chase & Co. owned 0.37% of Magnolia Oil & Gas worth $17,521,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. American Century Companies Inc. grew its position in shares of Magnolia Oil & Gas by 9.9% during the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock worth $237,927,000 after purchasing an additional 847,542 shares in the last quarter. Soros Fund Management LLC purchased a new stake in Magnolia Oil & Gas during the 3rd quarter valued at approximately $18,120,000. Barclays PLC grew its holdings in Magnolia Oil & Gas by 62.5% during the 3rd quarter. Barclays PLC now owns 1,653,736 shares of the company’s stock valued at $40,383,000 after buying an additional 636,049 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Magnolia Oil & Gas by 16.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock valued at $114,554,000 after buying an additional 627,933 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of Magnolia Oil & Gas in the second quarter worth $14,201,000. 94.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MGY. JPMorgan Chase & Co. cut their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Siebert Williams Shank lowered Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective for the company. in a research report on Tuesday, October 15th. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Truist Financial raised their price target on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Mizuho lifted their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Magnolia Oil & Gas has an average rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $24.22 on Friday. The firm has a market capitalization of $4.76 billion, a PE ratio of 11.99, a PEG ratio of 1.29 and a beta of 2.00. The stock’s fifty day moving average is $25.67 and its 200 day moving average is $25.50. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $29.02. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. The business had revenue of $333.14 million for the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. On average, sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 2 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Friday, November 8th. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

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.