Magnolia Oil & Gas (NYSE:MGY) Sets New 1-Year High – What’s Next?

Magnolia Oil & Gas Co. (NYSE:MGY)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.99 and last traded at $27.99, with a volume of 1015 shares. The stock had previously closed at $27.71.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MGY shares. Truist Financial lifted their target price on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Mizuho reduced their price target on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price for the company. in a research note on Tuesday, October 15th. Finally, Piper Sandler dropped their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.67.

Magnolia Oil & Gas Stock Up 1.9 %

The business’s 50 day simple moving average is $26.04 and its 200 day simple moving average is $25.50. The company has a market capitalization of $5.66 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.39 and a beta of 1.99. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The firm had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. As a group, analysts forecast that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.74%.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. This represents a 76.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several large investors have recently made changes to their positions in MGY. Harbor Capital Advisors Inc. bought a new stake in shares of Magnolia Oil & Gas during the third quarter valued at approximately $25,000. First Horizon Advisors Inc. lifted its position in shares of Magnolia Oil & Gas by 64.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after buying an additional 396 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake 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 valued at $26,000 after buying an additional 982 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the second quarter valued at $26,000. Finally, GAMMA Investing LLC raised its stake in Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $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.

Magnolia Oil & Gas Company 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.