Vestcor Inc Sells 27,302 Shares of Magnolia Oil & Gas Corp $MGY

Vestcor Inc lessened its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 66.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,974 shares of the company’s stock after selling 27,302 shares during the period. Vestcor Inc’s holdings in Magnolia Oil & Gas were worth $306,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Parallel Advisors LLC boosted its holdings in shares of Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after acquiring an additional 785 shares during the period. Vise Technologies Inc. bought a new stake in shares of Magnolia Oil & Gas during the fourth quarter worth approximately $229,000. State of Wyoming bought a new stake in shares of Magnolia Oil & Gas during the fourth quarter worth approximately $190,000. TD Asset Management Inc boosted its holdings in shares of Magnolia Oil & Gas by 26.6% during the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock worth $124,156,000 after acquiring an additional 1,193,458 shares during the period. Finally, Lido Advisors LLC boosted its holdings in shares of Magnolia Oil & Gas by 2.4% during the fourth quarter. Lido Advisors LLC now owns 16,197 shares of the company’s stock worth $382,000 after acquiring an additional 387 shares during the period. Institutional investors own 94.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MGY. The Goldman Sachs Group boosted their price objective on Magnolia Oil & Gas from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 11th. KeyCorp lifted their price target on shares of Magnolia Oil & Gas from $30.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Piper Sandler lifted their price target on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Citigroup dropped their price target on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, April 13th. Finally, UBS Group lifted their price target on shares of Magnolia Oil & Gas from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Seven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $31.42.

Magnolia Oil & Gas Stock Down 2.7%

NYSE MGY opened at $27.27 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.19. Magnolia Oil & Gas Corp has a 1-year low of $21.07 and a 1-year high of $32.76. The company has a 50 day moving average of $29.14 and a 200-day moving average of $26.57. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 15.85 and a beta of 0.71.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. During the same period in the previous year, the business earned $0.54 earnings per share. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts expect that Magnolia Oil & Gas Corp will post 2.82 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, May 12th. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).