Geode Capital Management LLC Acquires 116,431 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Geode Capital Management LLC lifted its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,107,769 shares of the company’s stock after purchasing an additional 116,431 shares during the period. Geode Capital Management LLC’s holdings in Magnolia Oil & Gas were worth $100,332,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its holdings in Magnolia Oil & Gas by 61.9% during the second quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock worth $72,000 after buying an additional 1,090 shares during the last quarter. Argent Capital Management LLC increased its stake in shares of Magnolia Oil & Gas by 56.8% during the 2nd quarter. Argent Capital Management LLC now owns 29,111 shares of the company’s stock worth $738,000 after purchasing an additional 10,547 shares during the last quarter. AMG National Trust Bank raised its holdings in shares of Magnolia Oil & Gas by 13.7% in the 2nd quarter. AMG National Trust Bank now owns 65,508 shares of the company’s stock worth $1,660,000 after purchasing an additional 7,879 shares during the period. Bank of New York Mellon Corp lifted its stake in Magnolia Oil & Gas by 1.9% in the second quarter. Bank of New York Mellon Corp now owns 1,976,184 shares of the company’s stock valued at $50,077,000 after purchasing an additional 36,018 shares during the last quarter. Finally, Bailard Inc. bought a new position in Magnolia Oil & Gas during the second quarter valued at $215,000. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock opened at $23.34 on Thursday. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $29.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $4.59 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.29 and a beta of 1.99. The firm’s 50 day simple moving average is $26.52 and its 200 day simple moving average is $25.63.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The firm had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. As a group, analysts expect that Magnolia Oil & Gas Co. will post 2 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared 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 was Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.23%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.74%.

Insider Activity

In related news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value 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 76.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on MGY shares. Susquehanna lowered their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Mizuho boosted their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Piper Sandler lowered their price target on shares of Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective for the company. in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $27.58.

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.