Oliver Luxxe Assets LLC Has $1.55 Million Holdings in Magnolia Oil & Gas Corp $MGY

Oliver Luxxe Assets LLC lessened its stake in Magnolia Oil & Gas Corp (NYSE:MGY) by 38.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,651 shares of the company’s stock after selling 37,763 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Magnolia Oil & Gas were worth $1,551,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Valued Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas during the 1st quarter worth about $29,000. Salomon & Ludwin LLC raised its position in shares of Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after acquiring an additional 760 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after acquiring an additional 864 shares during the period. Harbor Investment Advisory LLC bought a new position in Magnolia Oil & Gas during the 2nd quarter worth approximately $39,000. Finally, Torren Management LLC bought a new position in Magnolia Oil & Gas during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Trading Down 0.1%

NYSE:MGY opened at $25.07 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58. The business’s 50-day simple moving average is $26.19 and its 200-day simple moving average is $27.63. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The stock has a market capitalization of $4.64 billion, a PE ratio of 10.99 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million during the quarter, compared to analysts’ expectations of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.Magnolia Oil & Gas’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 EPS. Sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.81 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.9%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio is currently 28.95%.

Wall Street Analyst Weigh In

MGY has been the subject of several recent analyst reports. Weiss Ratings downgraded shares of Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Susquehanna lifted their price target on shares of Magnolia Oil & Gas from $35.00 to $36.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Roth Capital decreased their price target on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Zacks Research cut shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Finally, Wells Fargo & Company dropped their price objective on Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.50.

Magnolia Oil & Gas Profile

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).