Independence Bank of Kentucky Boosts Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Independence Bank of Kentucky lifted its position in shares of Magnolia Oil & Gas Co. (NYSE:MGYFree Report) by 393.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,100 shares of the company’s stock after buying an additional 9,650 shares during the period. Independence Bank of Kentucky’s holdings in Magnolia Oil & Gas were worth $258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Magnolia Oil & Gas by 32.5% in the first quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock valued at $364,245,000 after buying an additional 4,086,152 shares during the last quarter. Vanguard Group Inc. increased its position in Magnolia Oil & Gas by 1.0% during the third quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock worth $323,220,000 after buying an additional 168,670 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Magnolia Oil & Gas by 0.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock valued at $368,651,000 after acquiring an additional 55,508 shares during the last quarter. First Trust Advisors LP increased its position in Magnolia Oil & Gas by 562.8% during the first quarter. First Trust Advisors LP now owns 8,926,500 shares of the company’s stock worth $195,312,000 after purchasing an additional 7,579,743 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Magnolia Oil & Gas by 4.9% during the 1st quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock worth $178,054,000 after purchasing an additional 354,812 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Truist Financial boosted their price target on Magnolia Oil & Gas from $32.00 to $33.00 and gave the company a “buy” rating in a report on Friday, February 16th. Piper Sandler decreased their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Bank of America initiated coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, February 27th. They set a “buy” rating and a $25.00 price objective on the stock. Citigroup lowered shares of Magnolia Oil & Gas from a “neutral” rating to a “sell” rating and decreased their target price for the company from $24.00 to $18.00 in a research report on Monday, December 11th. Finally, Mizuho raised their price objective on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.71.

View Our Latest Report on Magnolia Oil & Gas

Magnolia Oil & Gas Stock Up 0.1 %

MGY opened at $26.23 on Wednesday. Magnolia Oil & Gas Co. has a twelve month low of $18.72 and a twelve month high of $26.47. The firm has a market cap of $5.36 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.67 and a beta of 2.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.88 and a current ratio of 1.88. The business has a 50 day moving average price of $22.64 and a 200 day moving average price of $22.04.

Magnolia Oil & Gas (NYSE:MGYGet Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.04). Magnolia Oil & Gas had a net margin of 31.65% and a return on equity of 21.21%. The business had revenue of $322.63 million during the quarter, compared to the consensus estimate of $324.95 million. Research analysts forecast that Magnolia Oil & Gas Co. will post 2 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s payout ratio is presently 25.37%.

Magnolia Oil & Gas Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Magnolia Oil & Gas (NYSE:MGY)

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