Magnolia Oil & Gas (NYSE:MGY) Earns Hold Rating from Benchmark

Benchmark restated their hold rating on shares of Magnolia Oil & Gas (NYSE:MGY) in a report issued on Tuesday, Benzinga reports.

MGY has been the topic of a number of other research reports. Bank of America boosted their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Wells Fargo & Company cut shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $26.00 to $22.00 in a report on Tuesday, October 1st. Truist Financial lowered their target price on shares of Magnolia Oil & Gas from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price on the stock. in a report on Tuesday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Two investment 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.50.

Magnolia Oil & Gas Trading Up 0.6 %

NYSE:MGY opened at $26.49 on Tuesday. 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 capitalization of $5.37 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 1.36 and a beta of 1.99. The firm’s 50 day moving average is $25.14 and its 200 day moving average is $25.43. Magnolia Oil & Gas has a 12 month low of $19.16 and a 12 month high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The company had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. Sell-side analysts expect that Magnolia Oil & Gas will post 1.99 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.96%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.87%.

Insider Buying and Selling

In related news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Magnolia Oil & Gas by 16.6% in the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after acquiring an additional 2,956,314 shares in the last quarter. American Century Companies Inc. grew its position in Magnolia Oil & Gas by 9.9% in the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock worth $237,927,000 after acquiring an additional 847,542 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in 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 period. Allspring Global Investments Holdings LLC boosted its position in Magnolia Oil & Gas by 4.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,184,107 shares of the company’s stock valued at $82,628,000 after buying an additional 142,717 shares during the period. Finally, Boston Trust Walden Corp boosted its position in Magnolia Oil & Gas by 26.7% during the second quarter. Boston Trust Walden Corp now owns 2,703,544 shares of the company’s stock valued at $68,508,000 after buying an additional 568,998 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

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.