Magnolia Oil & Gas (NYSE:MGY) Reaches New 1-Year High – Here’s What Happened

Magnolia Oil & Gas Corp (NYSE:MGY) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $31.47 and last traded at $31.4070, with a volume of 625 shares. The stock had previously closed at $30.92.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MGY shares. Piper Sandler increased their price objective on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Truist Financial initiated coverage on Magnolia Oil & Gas in a research report on Tuesday. They set a “hold” rating and a $33.00 price target for the company. The Goldman Sachs Group increased their price target on Magnolia Oil & Gas from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 11th. Bank of America raised Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and raised their price target for the company from $26.00 to $28.00 in a report on Friday, January 16th. Finally, Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Friday, March 6th. Eight analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus price target of $29.27.

Magnolia Oil & Gas Stock Up 0.5%

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54. The firm has a market capitalization of $5.86 billion, a P/E ratio of 18.28, a PEG ratio of 2.61 and a beta of 0.89. The firm’s fifty day moving average price is $27.09 and its 200-day moving average price is $24.39.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Thursday, February 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. The firm had revenue of $317.63 million for the quarter, compared to analysts’ expectations of $322.18 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 earnings per share. As a group, equities research analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 10th were paid a $0.165 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.66 dividend on an annualized basis and a yield of 2.1%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 38.37%.

Insiders Place Their Bets

In other Magnolia Oil & Gas news, CFO Brian Corales sold 33,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $29.12, for a total transaction of $960,960.00. Following the transaction, the chief financial officer directly owned 184,178 shares in the company, valued at approximately $5,363,263.36. The trade was a 15.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 shares were 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 $3,458,108.04. This represents a 13.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 338,954 shares of company stock valued at $9,911,733 over the last 90 days. 1.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGY. Mather Group LLC. bought a new stake in Magnolia Oil & Gas during the third quarter valued at about $31,000. Salomon & Ludwin LLC increased its stake in shares of Magnolia Oil & Gas by 130.1% in the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after purchasing an additional 760 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Magnolia Oil & Gas by 165.5% in the second 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 period. Torren Management LLC acquired a new position in shares of Magnolia Oil & Gas during the 4th quarter worth about $38,000. Finally, Parallel Advisors LLC lifted its position in shares of Magnolia Oil & Gas by 79.8% during the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after purchasing an additional 785 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

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).