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

Shares of Magnolia Oil & Gas Co. (NYSE:MGY) hit a new 52-week high during trading on Monday . The company traded as high as $27.67 and last traded at $27.54, with a volume of 263822 shares trading hands. The stock had previously closed at $27.41.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MGY shares. Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $26.00 to $22.00 in a research report on Tuesday, October 1st. Truist Financial lifted their price objective on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Piper Sandler dropped their price objective on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Mizuho reduced their target price on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Bank of America raised their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.67.

Magnolia Oil & Gas Price Performance

The firm has a 50 day moving average of $25.56 and a two-hundred day moving average of $25.41. The company has a market cap of $5.32 billion, a PE ratio of 13.41, a P/E/G ratio of 1.38 and a beta of 1.99. 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 (NYSE:MGY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. The company had revenue of $333.14 million during the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. Research analysts predict that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.92%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.74%.

Insider Activity

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in Magnolia Oil & Gas by 27.2% in the third quarter. BNP Paribas Financial Markets now owns 128,492 shares of the company’s stock worth $3,138,000 after acquiring an additional 27,467 shares in the last quarter. FMR LLC boosted its stake in shares of Magnolia Oil & Gas by 174.9% during the 3rd quarter. FMR LLC now owns 34,851 shares of the company’s stock worth $851,000 after purchasing an additional 22,171 shares during the period. Quantbot Technologies LP grew its holdings in Magnolia Oil & Gas by 101.0% during the 3rd quarter. Quantbot Technologies LP now owns 230,601 shares of the company’s stock valued at $5,631,000 after purchasing an additional 115,894 shares during the last quarter. Truvestments Capital LLC purchased a new position in shares of Magnolia Oil & Gas during the third quarter valued at approximately $90,000. Finally, Loomis Sayles & Co. L P raised its holdings in shares of Magnolia Oil & Gas by 10.0% in the third quarter. Loomis Sayles & Co. L P now owns 2,782,550 shares of the company’s stock worth $67,950,000 after buying an additional 253,911 shares during the period. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company Profile

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.