Prudential PLC Invests $444,000 in Magnolia Oil & Gas Co. (NYSE:MGY)

Posted by Defense World Staff on May 19th, 2023

Prudential PLC bought a new position in Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,943 shares of the company’s stock, valued at approximately $444,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Advisor Group Holdings Inc. lifted its stake in shares of Magnolia Oil & Gas by 121.9% in the first quarter. Advisor Group Holdings Inc. now owns 16,774 shares of the company’s stock worth $396,000 after acquiring an additional 9,214 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Magnolia Oil & Gas by 3.6% in the first quarter. Bank of New York Mellon Corp now owns 1,118,918 shares of the company’s stock worth $26,462,000 after acquiring an additional 39,115 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of Magnolia Oil & Gas by 320.2% in the first quarter. Acadian Asset Management LLC now owns 10,686 shares of the company’s stock worth $252,000 after acquiring an additional 8,143 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of Magnolia Oil & Gas by 55.1% in the first quarter. MetLife Investment Management LLC now owns 77,409 shares of the company’s stock worth $1,831,000 after acquiring an additional 27,498 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in shares of Magnolia Oil & Gas in the first quarter worth about $1,084,000. Hedge funds and other institutional investors own 98.60% of the company’s stock.

Magnolia Oil & Gas Price Performance

MGY opened at $19.65 on Friday. The stock has a fifty day moving average of $21.01 and a 200-day moving average of $22.78. The firm has a market capitalization of $4.17 billion, a P/E ratio of 4.56 and a beta of 2.15. Magnolia Oil & Gas Co. has a 12-month low of $18.01 and a 12-month high of $30.31. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.22.

Magnolia Oil & Gas (NYSE:MGY – Get Rating) last released its earnings results on Tuesday, February 14th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. The company had revenue of $349.04 million during the quarter, compared to analyst estimates of $351.53 million. Magnolia Oil & Gas had a return on equity of 48.98% and a net margin of 50.72%. Equities analysts forecast that Magnolia Oil & Gas Co. will post 2.54 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Thursday, May 11th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 10th. This represents a $0.46 annualized dividend and a dividend yield of 2.34%. Magnolia Oil & Gas’s dividend payout ratio is 10.67%.

Analyst Ratings Changes

Several analysts have issued reports on MGY shares. Roth Capital restated a “buy” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, February 14th. Truist Financial cut their price objective on Magnolia Oil & Gas from $36.00 to $33.00 in a research note on Friday, May 5th. Mizuho reiterated a “buy” rating and set a $29.00 price target on shares of Magnolia Oil & Gas in a research report on Tuesday, April 11th. Credit Suisse Group increased their price target on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Finally, Piper Sandler dropped their price target on Magnolia Oil & Gas from $34.00 to $33.00 in a research report on Thursday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Magnolia Oil & Gas Company Profile

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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.