Thrivent Financial for Lutherans Reduces Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Thrivent Financial for Lutherans reduced its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 26.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 406,863 shares of the company’s stock after selling 144,703 shares during the period. Thrivent Financial for Lutherans’ holdings in Magnolia Oil & Gas were worth $9,512,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MGY. Cibc World Markets Corp purchased a new stake in Magnolia Oil & Gas in the fourth quarter worth about $379,000. Hilton Capital Management LLC lifted its holdings in Magnolia Oil & Gas by 4.5% in the fourth quarter. Hilton Capital Management LLC now owns 42,263 shares of the company’s stock worth $988,000 after buying an additional 1,822 shares during the period. Vestcor Inc lifted its holdings in Magnolia Oil & Gas by 65.9% in the fourth quarter. Vestcor Inc now owns 33,559 shares of the company’s stock worth $785,000 after buying an additional 13,325 shares during the period. Swiss National Bank lifted its holdings in Magnolia Oil & Gas by 4.8% in the fourth quarter. Swiss National Bank now owns 351,500 shares of the company’s stock worth $8,218,000 after buying an additional 16,000 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Magnolia Oil & Gas by 62.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 590,641 shares of the company’s stock worth $13,809,000 after buying an additional 226,277 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGY has been the subject of several research analyst reports. Williams Trading set a $29.00 price objective on shares of Magnolia Oil & Gas in a report on Wednesday, March 5th. Mizuho raised their price objective on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Piper Sandler lifted their target price on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. lowered their target price on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Bank of America reiterated a “neutral” rating and set a $28.00 target price (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $27.77.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $25.03 on Friday. Magnolia Oil & Gas Co. has a twelve month low of $21.63 and a twelve month high of $29.02. The firm has a market cap of $4.86 billion, a P/E ratio of 12.97, a PEG ratio of 3.01 and a beta of 1.90. The company has a 50 day moving average of $24.16 and a 200 day moving average of $25.02. The company has a quick ratio of 1.47, a current ratio of 1.42 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Magnolia Oil & Gas had a net margin of 27.82% and a return on equity of 20.74%. The company had revenue of $326.61 million during the quarter, compared to analyst estimates of $327.40 million. As a group, research analysts expect that Magnolia Oil & Gas Co. will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, February 14th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.40%. Magnolia Oil & Gas’s payout ratio is currently 31.09%.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, CEO Christopher G. Stavros bought 2,500 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $22.05 per share, for a total transaction of $55,125.00. Following the purchase, the chief executive officer now owns 892,372 shares in the company, valued at approximately $19,676,802.60. This represents a 0.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.40% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.