Bank of America Corp DE Purchases 659,012 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Bank of America increased its Magnolia Oil & Gas stake by 20.5%, buying 659,012 additional shares to own 3.88 million shares valued at approximately $122.4 million. Institutional investors and hedge funds collectively own 94.73% of MGY.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $31.50 price target, although some firms recently lowered their targets.
• Magnolia exceeded quarterly expectations, reporting $0.99 earnings per share and $478.81 million in revenue, while revenue increased 50.1% year over year. The company also raised its quarterly dividend to $0.18 per share, representing a 2.9% yield.

Bank of America Corp DE raised its holdings in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 20.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,877,361 shares of the company's stock after purchasing an additional 659,012 shares during the quarter. Bank of America Corp DE owned approximately 2.10% of Magnolia Oil & Gas worth $122,408,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in shares of Magnolia Oil & Gas by 77.7% in 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. lifted its stake in Magnolia Oil & Gas by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company's stock valued at $2,605,000 after acquiring an additional 4,512 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Magnolia Oil & Gas by 8.2% in the 1st 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 grew its holdings in Magnolia Oil & Gas by 11.3% in the 1st quarter. Intech Investment Management LLC now owns 68,814 shares of the company's stock valued at $1,738,000 after buying an additional 7,008 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in 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 acquiring an additional 864 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MGY has been the topic of a number of recent analyst reports. UBS Group decreased their target price on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Citigroup dropped their price objective on Magnolia Oil & Gas from $35.00 to $32.00 and set a "neutral" rating for the company in a report on Monday, April 13th. Weiss Ratings cut shares of Magnolia Oil & Gas from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Truist Financial upgraded shares of Magnolia Oil & Gas from a "hold" rating to a "buy" rating and boosted their target price for the company from $32.00 to $33.00 in a report on Tuesday, July 28th. Finally, Mizuho raised Magnolia Oil & Gas to a "strong-buy" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.50.

Magnolia Oil & Gas Price Performance

NYSE MGY opened at $24.77 on Friday. The business's fifty day moving average is $26.23 and its 200 day moving average is $27.61. The company has a market capitalization of $4.58 billion, a PE ratio of 10.86 and a beta of 0.72. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.06. The company had revenue of $478.81 million for the quarter, compared to analysts' expectations of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.39%. The firm's revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 EPS. Sell-side analysts predict that Magnolia Oil & Gas Corp will post 2.78 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 10th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.72 dividend on an annualized basis and a yield of 2.9%. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.17. Magnolia Oil & Gas's payout ratio is presently 38.37%.

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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