Victory Capital Management Inc. Trims Position in Magnolia Oil & Gas Corp $MGY

Victory Capital Management Inc. cut its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 8.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,958,502 shares of the company’s stock after selling 381,122 shares during the period. Victory Capital Management Inc.’s holdings in Magnolia Oil & Gas were worth $94,489,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGY. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Magnolia Oil & Gas by 236.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock valued at $27,000 after acquiring an additional 836 shares during the period. Mather Group LLC. bought a new stake in Magnolia Oil & Gas during the 3rd quarter worth approximately $31,000. EverSource Wealth Advisors LLC lifted its stake in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after purchasing an additional 864 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Magnolia Oil & Gas by 90.5% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock valued at $50,000 after purchasing an additional 1,051 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in Magnolia Oil & Gas by 31.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,003 shares of the company’s stock valued at $72,000 after purchasing an additional 720 shares during the period. 94.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MGY has been the topic of several research analyst reports. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a report on Wednesday, January 21st. KeyCorp boosted their target price on Magnolia Oil & Gas from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Susquehanna lowered their price target on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating on the stock in a report on Monday, January 26th. BMO Capital Markets initiated coverage on Magnolia Oil & Gas in a research report on Friday, January 9th. They set an “outperform” rating and a $27.00 price target for the company. Finally, Piper Sandler 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 Tuesday, February 10th. Eight research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.45.

Magnolia Oil & Gas Trading Up 0.8%

MGY stock opened at $28.65 on Thursday. The company has a market capitalization of $5.34 billion, a PE ratio of 16.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54. Magnolia Oil & Gas Corp has a one year low of $19.09 and a one year high of $29.10. The company’s 50 day moving average price is $24.74 and its two-hundred day moving average price is $23.79.

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

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th were issued a $0.165 dividend. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Tuesday, February 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 38.37%.

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).