Federated Hermes Inc. Acquires New Shares in Magnolia Oil & Gas Co. (NYSE:MGY)

Federated Hermes Inc. bought a new position in Magnolia Oil & Gas Co. (NYSE:MGY) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 263,842 shares of the company’s stock, valued at approximately $6,686,000. Federated Hermes Inc. owned 0.13% of Magnolia Oil & Gas at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Mather Group LLC. bought a new position in Magnolia Oil & Gas in the 1st quarter worth $27,000. Massmutual Trust Co. FSB ADV raised its holdings in Magnolia Oil & Gas by 1,753.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after acquiring an additional 982 shares during the period. Opal Wealth Advisors LLC bought a new position in Magnolia Oil & Gas in the 2nd quarter worth $26,000. GAMMA Investing LLC raised its holdings in Magnolia Oil & Gas by 184.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after acquiring an additional 1,042 shares during the period. Finally, Lindbrook Capital LLC raised its holdings in Magnolia Oil & Gas by 61.5% in the 1st quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock worth $43,000 after acquiring an additional 627 shares during the period. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Price Performance

Shares of Magnolia Oil & Gas stock opened at $24.83 on Wednesday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.12 and a beta of 2.00. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.63. The firm’s 50-day moving average price is $25.18 and its two-hundred day moving average price is $25.23.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.05. The firm had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. On average, equities analysts predict that Magnolia Oil & Gas Co. will post 2.13 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 annualized dividend and a yield of 2.09%. Magnolia Oil & Gas’s dividend payout ratio is 25.87%.

Analyst Ratings Changes

Several research analysts have recently issued reports on MGY shares. Wolfe Research began coverage on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. They set an “outperform” rating and a $32.00 price objective on the stock. Bank of America upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. cut their price objective on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Truist Financial upped their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Wells Fargo & Company cut their price objective on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average price target of $28.00.

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.