Teacher Retirement System of Texas Cuts Stock Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Posted by Defense World Staff on Oct 10th, 2023

Teacher Retirement System of Texas trimmed its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY – Free Report) by 22.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 44,120 shares of the company’s stock after selling 12,677 shares during the period. Teacher Retirement System of Texas’ holdings in Magnolia Oil & Gas were worth $922,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MGY. Advisor Group Holdings Inc. boosted its position in Magnolia Oil & Gas by 121.9% during the first quarter. Advisor Group Holdings Inc. now owns 16,774 shares of the company’s stock valued at $396,000 after buying an additional 9,214 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Magnolia Oil & Gas by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 1,118,918 shares of the company’s stock valued at $26,462,000 after acquiring an additional 39,115 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Magnolia Oil & Gas by 320.2% during the first quarter. Acadian Asset Management LLC now owns 10,686 shares of the company’s stock valued at $252,000 after acquiring an additional 8,143 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Magnolia Oil & Gas by 55.1% during the first quarter. MetLife Investment Management LLC now owns 77,409 shares of the company’s stock valued at $1,831,000 after acquiring an additional 27,498 shares during the last quarter. Finally, Panagora Asset Management Inc. bought a new position in shares of Magnolia Oil & Gas during the first quarter valued at about $1,084,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on MGY. Piper Sandler lowered their price objective on shares of Magnolia Oil & Gas from $33.00 to $29.00 in a research note on Tuesday, June 13th. Mizuho upped their price objective on shares of Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, September 6th. Truist Financial upped their price objective on shares of Magnolia Oil & Gas from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. Finally, Citigroup lowered their price objective on shares of Magnolia Oil & Gas from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Check Out Our Latest Stock Report on Magnolia Oil & Gas

Magnolia Oil & Gas Price Performance

MGY stock opened at $22.52 on Tuesday. Magnolia Oil & Gas Co. has a 1 year low of $18.72 and a 1 year high of $27.57. The company has a market cap of $4.72 billion, a P/E ratio of 6.49 and a beta of 2.07. The firm has a 50-day moving average of $22.77 and a 200 day moving average of $21.53. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.10 and a quick ratio of 3.10.

Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Magnolia Oil & Gas had a net margin of 46.81% and a return on equity of 35.63%. The company had revenue of $280.29 million during the quarter, compared to the consensus estimate of $291.74 million. On average, sell-side analysts forecast that Magnolia Oil & Gas Co. will post 2.12 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Thursday, August 10th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Wednesday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is 13.26%.

Magnolia Oil & Gas Profile

(Free Report)

Magnolia Oil & Gas Corporation 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.