Algert Global LLC Buys New Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Algert Global LLC purchased 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 (SEC). The institutional investor purchased 17,444 shares of the company’s stock, valued at approximately $442,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its holdings in shares of Magnolia Oil & Gas by 1.8% in the 2nd quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock worth $931,000 after purchasing an additional 640 shares in the last quarter. Fulton Bank N.A. grew its holdings in shares of Magnolia Oil & Gas by 10.3% during the second quarter. Fulton Bank N.A. now owns 10,411 shares of the company’s stock valued at $264,000 after buying an additional 968 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Magnolia Oil & Gas by 1,753.6% during the second 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 in the last quarter. Mather Group LLC. bought a new stake in shares of Magnolia Oil & Gas during the first quarter worth about $27,000. Finally, GAMMA Investing LLC lifted its position in Magnolia Oil & Gas by 184.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after acquiring an additional 1,042 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is owned by corporate insiders.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $27.01 on Tuesday. 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 fifty day simple moving average of $24.89 and a two-hundred day simple moving average of $25.38. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.63. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.29 and a beta of 1.99.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The firm had revenue of $336.73 million for the quarter, compared to the consensus estimate of $340.72 million. Analysts anticipate that Magnolia Oil & Gas Co. will post 1.98 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were given a $0.13 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.93%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.87%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MGY shares. Susquehanna lowered their price objective on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Wolfe Research initiated coverage on Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an “outperform” rating and a $32.00 price objective on the stock. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Capital One Financial started coverage on shares of Magnolia Oil & Gas in a research report on Tuesday, June 11th. They set an “overweight” rating and a $28.00 price target on the stock. Finally, Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.27.

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.