Russell Investments Group Ltd. cut its stake in Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) by 6.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 424,697 shares of the company’s stock after selling 28,622 shares during the quarter. Russell Investments Group Ltd. owned about 0.20% of Magnolia Oil & Gas worth $9,959,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Magnolia Oil & Gas by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock worth $323,220,000 after buying an additional 168,670 shares during the period. Alliancebernstein L.P. grew its position in shares of Magnolia Oil & Gas by 29.4% in the 3rd quarter. Alliancebernstein L.P. now owns 10,974,454 shares of the company’s stock worth $217,404,000 after buying an additional 2,494,225 shares during the period. BlackRock Inc. grew its position in shares of Magnolia Oil & Gas by 2.1% in the 3rd quarter. BlackRock Inc. now owns 10,930,571 shares of the company’s stock worth $216,535,000 after buying an additional 222,366 shares during the period. Wellington Management Group LLP grew its position in Magnolia Oil & Gas by 4.9% during the 1st quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock valued at $178,054,000 after purchasing an additional 354,812 shares during the last quarter. Finally, State Street Corp grew its position in Magnolia Oil & Gas by 6.0% during the 2nd quarter. State Street Corp now owns 7,011,412 shares of the company’s stock valued at $147,170,000 after purchasing an additional 394,053 shares during the last quarter. 98.60% of the stock is currently owned by institutional investors.
Magnolia Oil & Gas Price Performance
NYSE MGY opened at $19.47 on Friday. Magnolia Oil & Gas Co. has a 12 month low of $18.01 and a 12 month high of $30.31. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 4.52 and a beta of 2.15. The company’s 50 day moving average is $21.20 and its two-hundred day moving average is $22.93. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.22.
Magnolia Oil & Gas Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Thursday, May 11th will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Wednesday, May 10th. Magnolia Oil & Gas’s payout ratio is currently 10.67%.
Analysts Set New Price Targets
MGY has been the topic of several recent analyst reports. Truist Financial cut their price objective on shares of Magnolia Oil & Gas from $36.00 to $33.00 in a research report on Friday, May 5th. Mizuho reaffirmed a “buy” rating and set a $29.00 price target on shares of Magnolia Oil & Gas in a report on Tuesday, April 11th. Piper Sandler dropped their price target on shares of Magnolia Oil & Gas from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Roth Capital reaffirmed a “buy” rating on shares of Magnolia Oil & Gas in a report on Tuesday, February 14th. Finally, Credit Suisse Group raised their price target on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, February 16th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.14.
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.
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