King Luther Capital Management Corp Sells 31,374 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

King Luther Capital Management Corp reduced its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 8.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 333,840 shares of the company’s stock after selling 31,374 shares during the period. King Luther Capital Management Corp owned about 0.17% of Magnolia Oil & Gas worth $8,152,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MGY. Vanguard Group Inc. boosted its stake in Magnolia Oil & Gas by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after buying an additional 2,956,314 shares in the last quarter. American International Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 7.4% in the 1st quarter. American International Group Inc. now owns 95,817 shares of the company’s stock valued at $2,486,000 after purchasing an additional 6,568 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Magnolia Oil & Gas by 740.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 157,757 shares of the company’s stock worth $4,092,000 after purchasing an additional 138,982 shares in the last quarter. Quadrature Capital Ltd bought a new position in Magnolia Oil & Gas during the 1st quarter valued at about $307,000. Finally, BOKF NA acquired a new position in Magnolia Oil & Gas in the first quarter valued at about $269,000. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Trading Up 1.9 %

Shares of NYSE MGY opened at $28.23 on Friday. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $28.32. The firm has a market capitalization of $5.55 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.39 and a beta of 1.99. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The company’s 50 day simple moving average is $25.94 and its 200 day simple moving average is $25.48.

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, topping analysts’ consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. The company had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. On average, analysts predict that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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 yield of 1.84%. Magnolia Oil & Gas’s payout ratio is 25.74%.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the transaction, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The trade was a 76.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

MGY has been the subject of several recent analyst reports. Piper Sandler dropped their price objective on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Wells Fargo & Company downgraded 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 increased their target price on Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a report on Tuesday, October 15th. Finally, Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.67.

Magnolia Oil & Gas 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.