Principal Financial Group Inc. Has $51.13 Million Stock Holdings in Magnolia Oil & Gas Corp $MGY

Principal Financial Group Inc. trimmed its holdings in Magnolia Oil & Gas Corp (NYSE:MGY) by 4.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,142,155 shares of the company’s stock after selling 97,744 shares during the quarter. Principal Financial Group Inc. owned about 1.12% of Magnolia Oil & Gas worth $51,133,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MGY. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of 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 last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Magnolia Oil & Gas in the second quarter valued at approximately $30,000. EverSource Wealth Advisors LLC raised its position in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after purchasing an additional 864 shares during the last quarter. Mather Group LLC. bought a new position in Magnolia Oil & Gas in the 3rd quarter worth approximately $31,000. Finally, Geneos Wealth Management Inc. lifted its holdings in Magnolia Oil & Gas by 90.5% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock worth $50,000 after buying an additional 1,051 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wells Fargo & Company set a $22.00 target price on Magnolia Oil & Gas and gave the company an “equal weight” rating in a research note on Tuesday, January 27th. Citigroup upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and raised their price target for the company from $19.00 to $25.00 in a report on Wednesday, January 14th. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Wednesday, January 21st. KeyCorp set a $29.00 target price on shares of Magnolia Oil & Gas and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.64.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $26.38 on Thursday. The stock has a market cap of $4.98 billion, a P/E ratio of 14.74 and a beta of 0.96. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $26.54. The stock’s 50-day moving average price is $22.93 and its two-hundred day moving average price is $23.32. 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 10th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 2.5%. Magnolia Oil & Gas’s payout ratio is currently 33.52%.

Magnolia Oil & Gas Company Profile

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).