Magnolia Oil & Gas (NYSE:MGY) Reaches New 1-Year High – Time to Buy?

Magnolia Oil & Gas Corp (NYSE:MGY)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $29.78 and last traded at $29.50, with a volume of 552511 shares traded. The stock had previously closed at $29.50.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MGY shares. Bank of America raised shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and increased their price target for the stock from $26.00 to $28.00 in a report on Friday, January 16th. Piper Sandler upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Wednesday, January 21st. Zacks Research raised Magnolia Oil & Gas from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, BMO Capital Markets began coverage on Magnolia Oil & Gas in a report on Friday, January 9th. They issued an “outperform” rating and a $27.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Moderate Buy” and an average target price of $28.90.

Magnolia Oil & Gas Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54. The stock has a market capitalization of $5.51 billion, a PE ratio of 17.16 and a beta of 0.89. The stock’s 50 day moving average is $25.74 and its two-hundred day moving average is $24.05.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The company had revenue of $317.63 million during the quarter, compared to analyst estimates of $322.18 million. During the same period in the previous year, the business earned $0.44 EPS. Magnolia Oil & Gas’s quarterly revenue was down 2.8% on a year-over-year basis. On average, equities analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 10th were given a dividend of $0.165 per share. The ex-dividend date was Tuesday, February 10th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 2.2%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 38.37%.

Insider Buying and Selling

In other Magnolia Oil & Gas news, CFO Brian Corales sold 33,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.12, for a total value of $960,960.00. Following the completion of the sale, the chief financial officer directly owned 184,178 shares of the company’s stock, valued at $5,363,263.36. This trade represents a 15.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dan F. Smith sold 18,000 shares of Magnolia Oil & Gas stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.01, for a total value of $522,180.00. Following the transaction, the director owned 119,204 shares in the company, valued at approximately $3,458,108.04. This represents a 13.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 338,954 shares of company stock worth $9,911,733 in the last 90 days. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in Magnolia Oil & Gas by 77.7% in the 1st quarter. AQR Capital Management LLC now owns 56,346 shares of the company’s stock valued at $1,423,000 after purchasing an additional 24,631 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Magnolia Oil & Gas by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company’s stock valued at $2,605,000 after buying an additional 4,512 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Magnolia Oil & Gas by 8.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,880 shares of the company’s stock valued at $6,135,000 after acquiring an additional 18,447 shares during the last quarter. Intech Investment Management LLC lifted its holdings in Magnolia Oil & Gas by 11.3% in the first quarter. Intech Investment Management LLC now owns 68,814 shares of the company’s stock valued at $1,738,000 after acquiring an additional 7,008 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Magnolia Oil & Gas by 236.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock worth $27,000 after acquiring an additional 836 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).