Tidal Investments LLC Increases Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Tidal Investments LLC lifted its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 21.9% during the third quarter, Holdings Channel reports. The institutional investor owned 34,636 shares of the company’s stock after purchasing an additional 6,225 shares during the period. Tidal Investments LLC’s holdings in Magnolia Oil & Gas were worth $846,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of MGY. Harbor Capital Advisors Inc. purchased a new position in shares of Magnolia Oil & Gas in the third quarter valued at about $25,000. First Horizon Advisors Inc. lifted its holdings in Magnolia Oil & Gas by 64.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after purchasing an additional 396 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Magnolia Oil & Gas by 62.4% in the 3rd quarter. GAMMA Investing LLC now owns 2,609 shares of the company’s stock worth $64,000 after purchasing an additional 1,002 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Magnolia Oil & Gas by 61.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock worth $72,000 after purchasing an additional 1,090 shares during the period. Finally, Covestor Ltd grew its holdings in Magnolia Oil & Gas by 36.8% during the 3rd quarter. Covestor Ltd now owns 2,986 shares of the company’s stock valued at $73,000 after buying an additional 804 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Insider Activity

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 sale, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The trade was a 76.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Truist Financial upped their target price 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. Wells Fargo & Company lowered 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. Mizuho boosted their target price on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Susquehanna cut their price target on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Finally, Benchmark reaffirmed 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $22.89 on Friday. The firm has a market capitalization of $4.50 billion, a PE ratio of 11.33, a PEG ratio of 1.29 and a beta of 1.99. The stock’s fifty day moving average is $26.31 and its 200 day moving average is $25.59. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $29.02. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. On average, sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 2 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.27%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 25.74%.

About Magnolia Oil & Gas

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.