Allspring Global Investments Holdings LLC Acquires 132,564 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Magnolia Oil & Gas Corp by 4.2% in Q2, acquiring 132,564 shares, bringing its total ownership to approximately 3.3 million shares worth $75.45 million.
• Magnolia Oil & Gas reported a quarterly EPS of $0.43, surpassing analyst expectations, although revenue saw a 5.3% decline year-over-year.
• The company announced a quarterly dividend of $0.15 per share, representing an annualized yield of 2.6%.

Allspring Global Investments Holdings LLC grew its holdings in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,307,951 shares of the company's stock after purchasing an additional 132,564 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.72% of Magnolia Oil & Gas worth $75,454,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State of Wyoming raised its stake in Magnolia Oil & Gas by 8.2% in the first quarter. State of Wyoming now owns 5,777 shares of the company's stock worth $146,000 after buying an additional 440 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Magnolia Oil & Gas by 16.8% in the 1st quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock worth $111,000 after acquiring an additional 629 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Magnolia Oil & Gas by 4.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,470 shares of the company's stock worth $391,000 after purchasing an additional 715 shares during the last quarter. HighTower Advisors LLC boosted its position in Magnolia Oil & Gas by 4.9% during the first quarter. HighTower Advisors LLC now owns 15,852 shares of the company's stock valued at $400,000 after purchasing an additional 746 shares in the last quarter. Finally, Xponance Inc. grew its stake in Magnolia Oil & Gas by 6.1% in the first quarter. Xponance Inc. now owns 13,051 shares of the company's stock valued at $330,000 after purchasing an additional 752 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Trading Up 3.0%

NYSE MGY opened at $23.32 on Tuesday. Magnolia Oil & Gas Corp has a 12-month low of $19.09 and a 12-month high of $29.02. The company has a fifty day simple moving average of $24.00 and a two-hundred day simple moving average of $23.04. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.20. The stock has a market cap of $4.45 billion, a P/E ratio of 12.21, a P/E/G ratio of 2.99 and a beta of 1.24.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.The firm had revenue of $318.98 million for the quarter, compared to the consensus estimate of $311.58 million. During the same period in the prior year, the firm earned $0.51 EPS. The firm's revenue was down 5.3% on a year-over-year basis. On average, analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

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

Analyst Upgrades and Downgrades

MGY has been the subject of several analyst reports. William Blair initiated coverage on shares of Magnolia Oil & Gas in a research report on Monday, August 25th. They set an "outperform" rating for the company. Wells Fargo & Company decreased 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 research report on Monday, June 16th. Piper Sandler lifted their price target on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Citigroup reiterated a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Finally, Mizuho dropped their target price on Magnolia Oil & Gas from $26.00 to $25.00 and set a "neutral" rating on the stock in a research note on Monday, September 15th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $26.42.

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.

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