Magnolia Oil & Gas (NYSE:MGY) Reaches New 52-Week High – Here’s Why

Magnolia Oil & Gas Corp (NYSE:MGY) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.52 and last traded at $27.3720, with a volume of 142279 shares. The stock had previously closed at $27.30.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MGY shares. Roth Mkm restated a “buy” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, February 10th. Mizuho set a $30.00 target price on Magnolia Oil & Gas in a research report on Friday, February 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Thursday, January 22nd. UBS Group restated a “buy” rating and set a $29.00 price target on shares of Magnolia Oil & Gas in a research report on Friday, January 9th. Finally, BMO Capital Markets started coverage on shares of Magnolia Oil & Gas in a research report on Friday, January 9th. They issued an “outperform” rating and a $27.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Moderate Buy” and an average target price of $27.58.

Magnolia Oil & Gas Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54. The stock has a market capitalization of $5.02 billion, a PE ratio of 15.69 and a beta of 0.96. The business’s 50-day moving average price is $23.89 and its 200 day moving average price is $23.58.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The firm had revenue of $317.63 million for the quarter, compared to analysts’ expectations of $322.18 million. During the same quarter last year, the company posted $0.44 EPS. The business’s quarterly revenue was down 2.8% on a year-over-year basis. Research analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 10th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 2.4%. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. grew its stake in Magnolia Oil & Gas by 12.9% in the second quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock worth $266,641,000 after purchasing an additional 1,358,878 shares during the period. State Street Corp grew its position in shares of Magnolia Oil & Gas by 1.4% in the 4th quarter. State Street Corp now owns 8,800,807 shares of the company’s stock worth $192,650,000 after buying an additional 125,707 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Magnolia Oil & Gas by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,634,362 shares of the company’s stock worth $145,230,000 after acquiring an additional 264,649 shares in the last quarter. TD Asset Management Inc lifted its position in Magnolia Oil & Gas by 26.6% during the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock valued at $124,156,000 after acquiring an additional 1,193,458 shares during the period. Finally, Epoch Investment Partners Inc. grew its holdings in Magnolia Oil & Gas by 28.8% in the fourth quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company’s stock worth $116,675,000 after purchasing an additional 1,191,438 shares during the period. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company 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).