102,104 Magnolia Oil & Gas Corp $MGY Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Magnolia Oil & Gas stake by 81.8% in the second quarter, selling 102,104 shares and retaining 22,789 shares valued at approximately $583,000. Institutional investors collectively own 94.73% of the company.
• Magnolia reported stronger-than-expected quarterly results, with earnings of $0.99 per share and revenue of $478.81 million; revenue increased 50.1% year over year. The company also raised its quarterly dividend to $0.18, implying an annualized yield of about 3.0%.
• Analyst sentiment is favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $31.81, compared with a recent price of $23.63.

Corient Private Wealth LP lessened its position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 81.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,789 shares of the company's stock after selling 102,104 shares during the quarter. Corient Private Wealth LP's holdings in Magnolia Oil & Gas were worth $583,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Magnolia Oil & Gas in the second quarter valued at $299,000. AXQ Capital LP bought a new stake in Magnolia Oil & Gas during the 2nd quarter worth about $584,000. iSAM Funds UK Ltd bought a new stake in Magnolia Oil & Gas during the 2nd quarter worth about $238,000. Public Employees Retirement System of Ohio acquired a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth about $3,077,000. Finally, Ancora Advisors LLC acquired a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth about $51,000. Institutional investors and hedge funds own 94.73% of the company's stock.

Insider Buying and Selling

In related news, Director David Khani purchased 8,000 shares of the stock in a transaction on Friday, August 7th. The shares were purchased at an average cost of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director directly owned 30,622 shares in the company, valued at $765,550. The trade was a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.92% of the company's stock.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $23.63 on Wednesday. Magnolia Oil & Gas Corp has a 12-month low of $21.07 and a 12-month high of $32.76. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 10.36 and a beta of 0.70. The stock's 50 day moving average price is $25.99 and its two-hundred day moving average price is $27.57. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.93 by $0.06. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The firm's revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. On average, analysts anticipate that Magnolia Oil & Gas Corp will post 2.91 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 10th were paid a $0.18 dividend. This is an increase from Magnolia Oil & Gas's previous quarterly dividend of $0.1650. The ex-dividend date was Monday, August 10th. This represents a $0.72 dividend on an annualized basis and a yield of 3.0%. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 31.58%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MGY shares. Seaport Research Partners started coverage on Magnolia Oil & Gas in a research report on Thursday, September 3rd. They issued a "neutral" rating on the stock. Siebert Williams Shank raised Magnolia Oil & Gas from a "hold" rating to a "buy" rating and boosted their price target for the stock from $30.00 to $32.00 in a research report on Wednesday, September 23rd. Susquehanna upped their price objective on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a "positive" rating in a research note on Tuesday, August 11th. Weiss Ratings raised Magnolia Oil & Gas from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Finally, Zacks Research raised shares of Magnolia Oil & Gas from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $31.81.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corporation NYSE: MGY is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company's operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.