CIBC Asset Management Inc Takes $242,000 Position in Magnolia Oil & Gas Co. (NYSE:MGY)

CIBC Asset Management Inc acquired a new position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,366 shares of the company’s stock, valued at approximately $242,000.

Other institutional investors have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its position in Magnolia Oil & Gas by 64.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after purchasing an additional 396 shares in the last quarter. Albert D Mason Inc. raised its holdings in Magnolia Oil & Gas by 0.7% in the fourth quarter. Albert D Mason Inc. now owns 61,497 shares of the company’s stock valued at $1,438,000 after acquiring an additional 411 shares in the last quarter. Jennison Associates LLC lifted its stake in Magnolia Oil & Gas by 2.2% in the third quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after acquiring an additional 506 shares during the last quarter. Avior Wealth Management LLC lifted its stake in Magnolia Oil & Gas by 30.0% in the fourth quarter. Avior Wealth Management LLC now owns 2,194 shares of the company’s stock worth $51,000 after acquiring an additional 506 shares during the last quarter. Finally, Atria Investments Inc grew its holdings in Magnolia Oil & Gas by 2.3% during the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock worth $576,000 after acquiring an additional 523 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MGY shares. Piper Sandler upped their price target on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. The Goldman Sachs Group downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and dropped their target price for the company from $27.00 to $26.00 in a research report on Friday, January 31st. Johnson Rice lowered shares of Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, January 28th. Truist Financial upped their price objective on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Bank of America reiterated a “neutral” rating and set a $28.00 target price (down previously from $29.00) on shares of Magnolia Oil & Gas in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas has an average rating of “Hold” and a consensus price target of $27.58.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $23.31 on Wednesday. Magnolia Oil & Gas Co. has a one year low of $21.61 and a one year high of $29.02. The business’s 50-day moving average price is $24.19 and its two-hundred day moving average price is $25.23. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 1.47. The company has a market capitalization of $4.58 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 3.01 and a beta of 1.98.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Tuesday, February 18th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The company had revenue of $326.61 million for the quarter, compared to analyst estimates of $327.40 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. Analysts anticipate that Magnolia Oil & Gas Co. will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.57%. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, February 14th. Magnolia Oil & Gas’s dividend payout ratio is presently 31.09%.

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.