Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) by 6.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 75,120 shares of the company’s stock after purchasing an additional 4,575 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Magnolia Oil & Gas were worth $1,762,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MGY. Alliancebernstein L.P. increased its position in shares of Magnolia Oil & Gas by 29.4% during the 3rd quarter. Alliancebernstein L.P. now owns 10,974,454 shares of the company’s stock worth $217,404,000 after purchasing an additional 2,494,225 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth about $22,016,000. Thomist Capital Management LP acquired a new stake in shares of Magnolia Oil & Gas during the 4th quarter worth about $18,575,000. Hallmark Capital Management Inc. acquired a new stake in shares of Magnolia Oil & Gas during the 4th quarter worth about $17,135,000. Finally, State Street Corp increased its position in shares of Magnolia Oil & Gas by 12.1% during the 1st quarter. State Street Corp now owns 6,617,359 shares of the company’s stock worth $156,501,000 after purchasing an additional 715,380 shares during the last quarter. 98.60% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages recently commented on MGY. Truist Financial lowered their target price on Magnolia Oil & Gas from $36.00 to $33.00 in a report on Friday, May 5th. Roth Capital restated a “buy” rating on shares of Magnolia Oil & Gas in a report on Tuesday, February 14th. Citigroup lowered their target price on Magnolia Oil & Gas from $25.00 to $22.00 in a report on Sunday, May 21st. SpectralCast restated a “maintains” rating on shares of Magnolia Oil & Gas in a report on Monday, May 22nd. Finally, Mizuho lowered their target price on Magnolia Oil & Gas from $29.00 to $28.00 in a report on Friday, May 19th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.88.
Magnolia Oil & Gas Stock Performance
Magnolia Oil & Gas (NYSE:MGY – Get Rating) last announced its quarterly earnings data on Wednesday, May 3rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.03. The business had revenue of $308.38 million during the quarter, compared to analysts’ expectations of $322.86 million. Magnolia Oil & Gas had a return on equity of 48.98% and a net margin of 50.72%. On average, analysts predict that Magnolia Oil & Gas Co. will post 2.48 earnings per share for the current fiscal year.
Magnolia Oil & Gas Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Thursday, May 11th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, May 10th. Magnolia Oil & Gas’s payout ratio is 10.67%.
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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