120,293 Shares in Magnolia Oil & Gas Corp $MGY Acquired by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio acquired 120,293 Magnolia Oil & Gas shares worth approximately $3.08 million, while institutional investors collectively own 94.73% of the company.
• Magnolia exceeded quarterly expectations, reporting $0.99 in earnings per share versus a $0.93 consensus estimate and revenue of $478.81 million, up 50.1% year over year.
• The company raised its quarterly dividend to $0.18, equivalent to $0.72 annually and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $31.62.

Public Employees Retirement System of Ohio bought a new position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 120,293 shares of the company's stock, valued at approximately $3,077,000. Public Employees Retirement System of Ohio owned approximately 0.05% of Magnolia Oil & Gas as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in shares of Magnolia Oil & Gas by 77.7% during the 1st quarter. AQR Capital Management LLC now owns 56,346 shares of the company's stock valued at $1,423,000 after acquiring an additional 24,631 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Magnolia Oil & Gas by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company's stock valued at $2,605,000 after purchasing an additional 4,512 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Magnolia Oil & Gas by 8.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,880 shares of the company's stock valued at $6,135,000 after acquiring an additional 18,447 shares during the period. Intech Investment Management LLC boosted its position in shares of Magnolia Oil & Gas by 11.3% in the first quarter. Intech Investment Management LLC now owns 68,814 shares of the company's stock worth $1,738,000 after buying an additional 7,008 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company's stock valued at $31,000 after purchasing an additional 864 shares during the period. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $26.82 on Friday. The firm's 50-day moving average is $26.01 and its 200-day moving average is $27.81. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 11.76 and a beta of 0.70. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. Magnolia Oil & Gas Corp has a 52-week low of $21.07 and a 52-week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.06. The firm had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The company's quarterly revenue was up 50.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. Equities research 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 announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, August 10th. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.17. Magnolia Oil & Gas's payout ratio is currently 31.58%.

Insider Transactions at Magnolia Oil & Gas

In related news, Director David Khani acquired 8,000 shares of the business's stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.92% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Seaport Research Partners started coverage on shares of Magnolia Oil & Gas in a report on Thursday. They set a "neutral" rating on the stock. Roth Capital reduced their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Johnson Rice raised shares of Magnolia Oil & Gas from a "hold" rating to an "accumulate" rating and decreased their price objective for the stock from $33.00 to $32.00 in a report on Monday, August 17th. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Finally, Weiss Ratings raised shares of Magnolia Oil & Gas from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $31.62.

About Magnolia Oil & Gas

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).

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