468,704 Shares in Magnolia Oil & Gas Corp $MGY Purchased by Diamond Hill Capital Management LLC Investment Advisor

Key Points

• Diamond Hill Capital Management purchased 468,704 shares of Magnolia Oil & Gas, valued at approximately $12 million, giving it a 0.25% stake. Institutional investors and hedge funds collectively own 94.73% of the company.
• Magnolia reported quarterly EPS of $0.99, surpassing estimates of $0.93, while revenue rose 50.1% year over year to $478.81 million. The company also increased its quarterly dividend to $0.18 per share, equivalent to a 2.7% annual yield.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $31.62 target price versus the stock’s reported $26.77 opening price. Several firms recently upgraded the shares or raised their price targets.

Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 468,704 shares of the company's stock, valued at approximately $11,989,000. Diamond Hill Capital Management LLC Investment Advisor owned about 0.25% of Magnolia Oil & Gas at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lido Advisors LLC grew its position in shares of Magnolia Oil & Gas by 2.4% during the 4th quarter. Lido Advisors LLC now owns 16,197 shares of the company's stock worth $382,000 after buying an additional 387 shares during the period. Oak Family Advisors LLC raised its holdings in Magnolia Oil & Gas by 0.9% in the fourth quarter. Oak Family Advisors LLC now owns 47,620 shares of the company's stock worth $1,042,000 after purchasing an additional 410 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Magnolia Oil & Gas by 10.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,624 shares of the company's stock valued at $102,000 after buying an additional 422 shares during the period. Coldstream Capital Management Inc. increased its holdings in shares of Magnolia Oil & Gas by 3.1% in the third quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company's stock worth $380,000 after acquiring an additional 482 shares in the last quarter. Finally, Stifel Financial Corp raised its position in shares of Magnolia Oil & Gas by 1.6% during the fourth quarter. Stifel Financial Corp now owns 36,980 shares of the company's stock worth $809,000 after purchasing an additional 585 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $26.77 on Tuesday. The business's 50 day moving average price is $25.99 and its two-hundred day moving average price is $27.73. The company has a market cap of $6.34 billion, a PE ratio of 11.74 and a beta of 0.72. 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 Corp has a twelve month low of $21.07 and a twelve month high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced 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 business 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 company's quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. On average, analysts predict that Magnolia Oil & Gas Corp will post 2.79 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 10th will be given a dividend of $0.18 per share. This is an increase from Magnolia Oil & Gas's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, August 10th. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 31.58%.

Insider Transactions at Magnolia Oil & Gas

In related news, Director David M. Khani purchased 8,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the transaction, the director owned 30,622 shares of the company's stock, valued at approximately $765,550. This trade represents a 35.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 0.92% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on MGY shares. Wells Fargo & Company boosted their price objective on shares of Magnolia Oil & Gas from $31.00 to $36.00 and gave the company an "equal weight" rating in a research report on Thursday, August 13th. Mizuho upgraded Magnolia Oil & Gas to a "strong-buy" rating in a report on Friday, July 31st. Truist Financial raised Magnolia Oil & Gas from a "hold" rating to a "buy" rating and lifted their target price for the company from $32.00 to $33.00 in a research report on Tuesday, July 28th. Wall Street Zen upgraded Magnolia Oil & Gas from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, UBS Group reduced their price target on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating for the company in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.62.

Magnolia Oil & Gas Company 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).

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