Magnolia Oil & Gas Co. (NYSE:MGY) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 23.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,542,237 shares of the company's stock after selling 774,809 shares during the period. Bank of America Corp DE owned 1.29% of Magnolia Oil & Gas worth $59,438,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its holdings in Magnolia Oil & Gas by 2.2% during the 4th quarter. BNP Paribas Financial Markets now owns 131,291 shares of the company's stock worth $3,070,000 after acquiring an additional 2,799 shares in the last quarter. Gallo Partners LP bought a new position in Magnolia Oil & Gas during the 4th quarter worth about $975,000. Schonfeld Strategic Advisors LLC bought a new position in Magnolia Oil & Gas during the 4th quarter worth about $4,561,000. Lido Advisors LLC bought a new position in Magnolia Oil & Gas during the 4th quarter worth about $227,000. Finally, Northern Trust Corp grew its holdings in Magnolia Oil & Gas by 7.3% during the 4th quarter. Northern Trust Corp now owns 1,936,398 shares of the company's stock worth $45,273,000 after acquiring an additional 131,941 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Price Performance

MGY stock traded down $0.13 on Friday, reaching $22.64. 1,356,023 shares of the company's stock were exchanged, compared to its average volume of 2,295,481. The stock has a fifty day moving average of $22.38 and a 200-day moving average of $24.09. Magnolia Oil & Gas Co. has a twelve month low of $19.09 and a twelve month high of $29.02. The firm has a market cap of $4.40 billion, a PE ratio of 11.73, a P/E/G ratio of 3.01 and a beta of 1.25. The company has a quick ratio of 1.47, a current ratio of 1.42 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. The company had revenue of $350.30 million for the quarter, compared to analyst estimates of $337.83 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. Magnolia Oil & Gas's revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, equities analysts predict that Magnolia Oil & Gas Co. will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 12th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.65%. Magnolia Oil & Gas's dividend payout ratio is currently 29.85%.

Insider Activity

In other Magnolia Oil & Gas news, CEO Christopher G. Stavros purchased 2,500 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $22.05 per share, with a total value of $55,125.00. Following the purchase, the chief executive officer now owns 892,372 shares in the company, valued at approximately $19,676,802.60. This represents a 0.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.20% of the company's stock.

Analysts Set New Price Targets

MGY has been the topic of a number of recent analyst reports. Williams Trading set a $29.00 price target on shares of Magnolia Oil & Gas in a report on Wednesday, March 5th. The Goldman Sachs Group cut shares of Magnolia Oil & Gas from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $27.00 to $26.00 in a research note on Friday, January 31st. UBS Group assumed coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $26.00 target price for the company. JPMorgan Chase & Co. lowered their target price on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Finally, Citigroup lowered their target price on shares of Magnolia Oil & Gas from $22.00 to $19.00 and set a "sell" rating for the company in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Magnolia Oil & Gas has a consensus rating of "Hold" and a consensus target price of $27.14.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.