Magnolia Oil & Gas Corp $MGY Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lessened its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 76.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,790 shares of the company’s stock after selling 25,807 shares during the quarter. Sterling Capital Management LLC’s holdings in Magnolia Oil & Gas were worth $183,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its stake in Magnolia Oil & Gas by 5.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company’s stock valued at $221,910,000 after buying an additional 394,419 shares during the last quarter. Janus Henderson Group PLC lifted its position in Magnolia Oil & Gas by 2.8% during the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after acquiring an additional 170,174 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock worth $197,748,000 after acquiring an additional 5,560,619 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Magnolia Oil & Gas by 20.5% during the first quarter. Bank of America Corp DE now owns 3,877,361 shares of the company’s stock worth $122,408,000 after acquiring an additional 659,012 shares during the period. Finally, Stephens Investment Management Group LLC boosted its holdings in shares of Magnolia Oil & Gas by 0.8% during the first quarter. Stephens Investment Management Group LLC now owns 2,172,120 shares of the company’s stock worth $68,574,000 after acquiring an additional 17,541 shares during the period. Institutional investors and hedge funds own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MGY shares. KeyCorp reaffirmed an “overweight” rating and issued a $38.00 target price on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Williams Trading set a $32.00 price target on Magnolia Oil & Gas in a report on Wednesday, September 23rd. Scotiabank started coverage on Magnolia Oil & Gas in a report on Wednesday, October 14th. They set a “sector outperform” rating and a $31.00 price target for the company. Wells Fargo & Company reduced their price target on Magnolia Oil & Gas from $36.00 to $30.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 14th. Finally, Truist Financial upped their price objective on Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.53.

Magnolia Oil & Gas Stock Performance

MGY opened at $26.51 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. Magnolia Oil & Gas Corp has a 52-week low of $21.07 and a 52-week high of $32.76. The firm has a market cap of $6.28 billion, a P/E ratio of 11.63 and a beta of 0.80. The business’s fifty day moving average is $25.73 and its 200-day moving average is $27.01.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. Magnolia Oil & Gas’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 earnings per share. Sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.83 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 10th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, November 10th. Magnolia Oil & Gas’s dividend payout ratio is 31.58%.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director David Khani purchased 8,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the transaction, the director owned 30,622 shares of the company’s stock, valued at approximately $765,550. The trade was a 35.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.92% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.