Truist Financial Corp Buys 1,060 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Truist Financial Corp raised its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 1.0% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 103,970 shares of the company’s stock after purchasing an additional 1,060 shares during the period. Truist Financial Corp owned 0.05% of Magnolia Oil & Gas worth $2,431,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Harbor Capital Advisors Inc. bought a new stake in Magnolia Oil & Gas during the third quarter valued at about $25,000. First Horizon Advisors Inc. grew its holdings in Magnolia Oil & Gas by 64.7% during the third 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 during the period. Mather Group LLC. grew its holdings in Magnolia Oil & Gas by 100.0% during the fourth quarter. Mather Group LLC. now owns 1,090 shares of the company’s stock valued at $25,000 after purchasing an additional 545 shares during the period. R Squared Ltd bought a new stake in Magnolia Oil & Gas during the fourth quarter valued at about $43,000. Finally, Avior Wealth Management LLC grew its holdings in Magnolia Oil & Gas by 30.0% during the fourth quarter. Avior Wealth Management LLC now owns 2,194 shares of the company’s stock valued at $51,000 after purchasing an additional 506 shares during the period. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $23.31 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $4.58 billion, a P/E ratio of 12.08, a P/E/G ratio of 3.01 and a beta of 1.98. Magnolia Oil & Gas Co. has a 12 month low of $21.61 and a 12 month high of $29.02. The business’s 50-day moving average is $24.19 and its 200 day moving average is $25.23.

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

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.57%. Magnolia Oil & Gas’s dividend payout ratio is 31.09%.

Analyst Ratings Changes

Several analysts have issued reports on MGY shares. Truist Financial boosted their price target on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, January 13th. Mizuho upped their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Bank of America reaffirmed a “neutral” rating and issued a $28.00 price objective (down previously from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Piper Sandler upped their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Finally, Johnson Rice lowered Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, January 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $27.58.

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.