SIR Capital Management L.P. Purchases Shares of 596,149 Magnolia Oil & Gas Co. (NYSE:MGY)

SIR Capital Management L.P. purchased a new stake in Magnolia Oil & Gas Co. (NYSE:MGY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 596,149 shares of the company’s stock, valued at approximately $15,106,000. Magnolia Oil & Gas makes up about 1.5% of SIR Capital Management L.P.’s holdings, making the stock its 23rd largest position. SIR Capital Management L.P. owned about 0.29% of Magnolia Oil & Gas as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MGY. Charles Schwab Investment Management Inc. raised its stake in Magnolia Oil & Gas by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,782,465 shares of the company’s stock valued at $37,949,000 after buying an additional 46,510 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Magnolia Oil & Gas by 4.7% in the fourth quarter. Teacher Retirement System of Texas now owns 50,496 shares of the company’s stock valued at $1,075,000 after buying an additional 2,263 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Magnolia Oil & Gas by 10.6% in the fourth quarter. BNP Paribas Financial Markets now owns 341,493 shares of the company’s stock valued at $7,270,000 after buying an additional 32,662 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Magnolia Oil & Gas by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,506,042 shares of the company’s stock valued at $74,647,000 after buying an additional 257,806 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Magnolia Oil & Gas by 5.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,156 shares of the company’s stock valued at $280,000 after buying an additional 730 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MGY has been the topic of several research reports. Wolfe Research initiated coverage on Magnolia Oil & Gas in a report on Thursday, July 18th. They set an “outperform” rating and a $32.00 price objective on the stock. Capital One Financial initiated coverage on Magnolia Oil & Gas in a report on Tuesday, June 11th. They set an “overweight” rating and a $28.00 price objective on the stock. Truist Financial raised their price objective on Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Piper Sandler dropped their price objective on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Finally, Mizuho raised their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $28.60.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $23.44 on Tuesday. Magnolia Oil & Gas Co. has a twelve month low of $19.16 and a twelve month high of $27.63. The stock’s 50 day moving average is $25.43 and its two-hundred day moving average is $25.16. The firm has a market capitalization of $4.67 billion, a PE ratio of 11.66, a P/E/G ratio of 1.12 and a beta of 2.00. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. Research analysts anticipate that Magnolia Oil & Gas Co. will post 2.13 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is presently 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.