King Luther Capital Management Corp Has $8.15 Million Position in Magnolia Oil & Gas Co. (NYSE:MGY)

King Luther Capital Management Corp lessened its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 8.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 333,840 shares of the company’s stock after selling 31,374 shares during the quarter. King Luther Capital Management Corp’s holdings in Magnolia Oil & Gas were worth $8,152,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MGY. Harbor Capital Advisors Inc. acquired a new position in Magnolia Oil & Gas in the 3rd quarter valued at $25,000. First Horizon Advisors Inc. lifted its stake in shares of Magnolia Oil & Gas by 64.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after acquiring an additional 396 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in Magnolia Oil & Gas by 1,753.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after acquiring an additional 982 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the second quarter valued at approximately $26,000. Finally, GAMMA Investing LLC raised its stake in shares of Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after acquiring an additional 1,042 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MGY. Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Piper Sandler reduced 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. JPMorgan Chase & Co. dropped their price objective 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. Siebert Williams Shank downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price for the company. in a research note on Tuesday, October 15th. Finally, Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $27.67.

Magnolia Oil & Gas Trading Up 1.9 %

NYSE MGY opened at $28.23 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The business has a fifty day simple moving average of $25.94 and a 200 day simple moving average of $25.48. Magnolia Oil & Gas Co. has a 12 month low of $19.16 and a 12 month high of $28.32. The firm has a market capitalization of $5.55 billion, a P/E ratio of 13.98, a PEG ratio of 1.39 and a beta of 1.99.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The firm 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%. On average, analysts predict that Magnolia Oil & Gas Co. will post 1.99 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.74%.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the sale, the director now owns 2,099,403 shares in the company, valued at $54,290,561.58. This represents a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.20% of the stock is currently owned by corporate insiders.

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.