Diamond Hill Capital Management Inc. Boosts Stock Position in Magnolia Oil & Gas Corp $MGY

Diamond Hill Capital Management Inc. increased its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 210.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 414,817 shares of the company’s stock after purchasing an additional 281,234 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in Magnolia Oil & Gas were worth $9,080,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in Magnolia Oil & Gas by 34.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company’s stock valued at $20,504,000 after buying an additional 221,920 shares during the period. Foster Victor Wealth Advisors LLC grew its holdings in Magnolia Oil & Gas by 9.2% in the 4th quarter. Foster Victor Wealth Advisors LLC now owns 417,192 shares of the company’s stock valued at $9,429,000 after buying an additional 35,223 shares during the period. TD Asset Management Inc grew its holdings in Magnolia Oil & Gas by 55.7% in the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock valued at $106,898,000 after buying an additional 1,601,809 shares during the period. Bessemer Group Inc. grew its holdings in Magnolia Oil & Gas by 4.4% in the 3rd quarter. Bessemer Group Inc. now owns 912,526 shares of the company’s stock valued at $21,781,000 after buying an additional 38,502 shares during the period. Finally, Heartland Advisors Inc. grew its holdings in Magnolia Oil & Gas by 92.1% in the 3rd quarter. Heartland Advisors Inc. now owns 576,290 shares of the company’s stock valued at $13,756,000 after buying an additional 276,290 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on MGY shares. Piper Sandler lifted their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Susquehanna lowered their price target on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating for the company in a report on Monday, January 26th. Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a report on Friday, March 6th. Mizuho set a $30.00 price target on Magnolia Oil & Gas in a report on Friday, February 6th. Finally, KeyCorp lifted their price target on Magnolia Oil & Gas from $30.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, April 2nd. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $31.00.

Magnolia Oil & Gas Stock Up 0.2%

MGY opened at $29.28 on Friday. The firm has a 50 day moving average price of $29.79 and a 200 day moving average price of $26.08. The company has a market cap of $5.42 billion, a PE ratio of 17.03 and a beta of 0.75. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 EPS. Sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.91 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Tuesday, May 12th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, May 12th. Magnolia Oil & Gas’s dividend payout ratio is 38.37%.

Insider Activity

In related news, Director Edward P. Djerejian sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $28.98, for a total transaction of $521,640.00. Following the transaction, the director directly owned 110,425 shares of the company’s stock, valued at approximately $3,200,116.50. The trade was a 14.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Brian Corales sold 33,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.12, for a total value of $960,960.00. Following the transaction, the chief financial officer directly owned 184,178 shares in the company, valued at $5,363,263.36. This trade represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 338,954 shares of company stock worth $9,911,733 in the last ninety days. 0.92% of the stock is currently owned by company insiders.

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).