Verition Fund Management LLC Increases Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Verition Fund Management LLC increased its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 11.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 84,864 shares of the company’s stock after buying an additional 8,724 shares during the quarter. Verition Fund Management LLC’s holdings in Magnolia Oil & Gas were worth $2,072,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its holdings in shares of 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 valued at $237,927,000 after purchasing an additional 847,542 shares during the period. Dimensional Fund Advisors LP increased its stake in Magnolia Oil & Gas by 16.1% in the 2nd 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 raised its position in Magnolia Oil & Gas by 1.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,061,846 shares of the company’s stock worth $74,770,000 after buying an additional 50,351 shares during the last quarter. Boston Trust Walden Corp lifted its stake in shares of Magnolia Oil & Gas by 4.4% in the 3rd quarter. Boston Trust Walden Corp now owns 2,823,126 shares of the company’s stock worth $68,941,000 after acquiring an additional 119,582 shares during the period. Finally, Loomis Sayles & Co. L P boosted its holdings in shares of Magnolia Oil & Gas by 10.0% in the third quarter. Loomis Sayles & Co. L P now owns 2,782,550 shares of the company’s stock valued at $67,950,000 after acquiring an additional 253,911 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total transaction 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 trade represents a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $26.65 on Friday. Magnolia Oil & Gas Co. has a 12-month low of $19.16 and a 12-month high of $29.02. The company’s 50-day moving average is $26.55 and its two-hundred day moving average is $25.62. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.40 and a beta of 1.99. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly 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 company had revenue of $333.14 million during the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. Research analysts expect that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date was Friday, November 8th. Magnolia Oil & Gas’s payout ratio is 25.74%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Mizuho reduced their price target on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Truist Financial boosted their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Piper Sandler cut their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective on the stock. in a report on Tuesday, October 15th. Finally, 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. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average price target of $27.67.

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.