State of New Jersey Common Pension Fund D Sells 52,928 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

State of New Jersey Common Pension Fund D decreased its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 41.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,862 shares of the company’s stock after selling 52,928 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Magnolia Oil & Gas were worth $1,872,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MGY. Mather Group LLC. bought a new position in Magnolia Oil & Gas in the first quarter valued at $27,000. Massmutual Trust Co. FSB ADV grew its position in Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after purchasing an additional 982 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in Magnolia Oil & Gas in the second quarter valued at $26,000. GAMMA Investing LLC grew its position in Magnolia Oil & Gas by 184.4% in the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after purchasing an additional 1,042 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in Magnolia Oil & Gas by 61.5% in the first quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock valued at $43,000 after purchasing an additional 627 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $26.00 on Monday. Magnolia Oil & Gas Co. has a 52 week low of $19.16 and a 52 week high of $27.63. The firm has a market cap of $5.27 billion, a price-to-earnings ratio of 12.94, a P/E/G ratio of 1.18 and a beta of 2.00. The firm’s 50-day simple moving average is $25.16 and its 200 day simple moving average is $25.28. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.28 and a current ratio of 1.28.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The business had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. As a group, sell-side analysts predict that Magnolia Oil & Gas Co. will post 2.08 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.00%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Piper Sandler decreased their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Truist Financial raised their target price 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. Susquehanna decreased their target price on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Finally, Wolfe Research started coverage on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price target for the company. One equities research 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $28.00.

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.