Jupiter Asset Management Ltd. Buys New Stake in Magnolia Oil & Gas Corp (NYSE:MGY)

Key Points

• Jupiter Asset Management Ltd. acquired 156,886 shares of Magnolia Oil & Gas Corp, valued at approximately $3.96 million, during the first quarter.
• Several analysts have issued varied ratings on MGY, with UBS Group maintaining a "buy" rating and lifting its price target to $29.00, while Citigroup reiterated a "sell" rating.
• Magnolia Oil & Gas recently declared a quarterly dividend of $0.15 per share, resulting in an annualized payout of $0.60 and a yield of 2.6%.

Jupiter Asset Management Ltd. bought a new position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 156,886 shares of the company's stock, valued at approximately $3,963,000. Jupiter Asset Management Ltd. owned approximately 0.08% of Magnolia Oil & Gas as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. LPL Financial LLC raised its position in shares of Magnolia Oil & Gas by 55.8% during the 4th quarter. LPL Financial LLC now owns 32,102 shares of the company's stock worth $751,000 after purchasing an additional 11,493 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Magnolia Oil & Gas by 20.4% in the 4th quarter. JPMorgan Chase & Co. now owns 863,915 shares of the company's stock valued at $20,198,000 after acquiring an additional 146,421 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in Magnolia Oil & Gas by 10.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 25,067 shares of the company's stock valued at $586,000 after acquiring an additional 2,348 shares during the last quarter. Geode Capital Management LLC raised its holdings in Magnolia Oil & Gas by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 4,136,456 shares of the company's stock valued at $96,733,000 after acquiring an additional 28,687 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Magnolia Oil & Gas in the 4th quarter valued at about $161,000. 94.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Citigroup restated a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Piper Sandler lifted their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Susquehanna dropped their target price on shares of Magnolia Oil & Gas from $31.00 to $30.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company dropped their target price on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a report on Monday, June 16th. Finally, UBS Group reiterated a "buy" rating and issued a $29.00 target price (up previously from $26.00) on shares of Magnolia Oil & Gas in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $26.67.

Magnolia Oil & Gas Stock Down 0.9%

Shares of MGY stock traded down $0.21 on Thursday, reaching $23.51. 1,289,318 shares of the stock were exchanged, compared to its average volume of 2,705,325. The business's 50 day moving average price is $23.34 and its 200 day moving average price is $23.08. Magnolia Oil & Gas Corp has a twelve month low of $19.09 and a twelve month high of $29.02. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 3.12 and a beta of 1.31. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.03. The business had revenue of $318.98 million for the quarter, compared to analysts' expectations of $311.58 million. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. The business's revenue for the quarter was down 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 EPS. As a group, sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 11th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. Magnolia Oil & Gas's dividend payout ratio (DPR) is 31.41%.

Magnolia Oil & Gas Company 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.