Bank of New York Mellon Corp Sells 49,667 Shares of Magnolia Oil & Gas Corp (NYSE:MGY)

Bank of New York Mellon Corp trimmed its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,723,227 shares of the company's stock after selling 49,667 shares during the period. Bank of New York Mellon Corp owned approximately 0.89% of Magnolia Oil & Gas worth $43,529,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MGY. Opal Wealth Advisors LLC acquired a new position in Magnolia Oil & Gas during the 1st quarter worth $30,000. Quarry LP raised its position in shares of Magnolia Oil & Gas by 1,047.8% during the fourth quarter. Quarry LP now owns 2,135 shares of the company's stock worth $50,000 after acquiring an additional 1,949 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Magnolia Oil & Gas by 122.8% during the first quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock worth $58,000 after acquiring an additional 1,272 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Magnolia Oil & Gas by 16.8% during the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock valued at $111,000 after acquiring an additional 629 shares during the period. Finally, Headlands Technologies LLC bought a new position in Magnolia Oil & Gas in the fourth quarter valued at about $161,000. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Stock Down 0.7%

NYSE MGY traded down $0.16 during trading hours on Tuesday, reaching $23.52. 110,736 shares of the company's stock were exchanged, compared to its average volume of 2,692,767. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 3.23 and a beta of 1.28. The company's 50-day moving average is $22.76 and its two-hundred day moving average is $23.17. Magnolia Oil & Gas Corp has a one year low of $19.09 and a one year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. The company had revenue of $350.30 million during the quarter, compared to the consensus estimate of $337.83 million. Magnolia Oil & Gas had a net margin of 28.50% and a return on equity of 20.73%. The firm's revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 earnings per share. On average, analysts forecast that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 12th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Monday, May 12th. Magnolia Oil & Gas's dividend payout ratio is 29.85%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MGY. Wells Fargo & Company dropped their price target on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a research note on Monday, June 16th. Piper Sandler dropped their target price on shares of Magnolia Oil & Gas from $25.00 to $24.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Citigroup reissued a "sell" rating on shares of Magnolia Oil & Gas in a research note on Thursday. UBS Group reaffirmed a "buy" rating and set a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Finally, Bank of America increased their target price on Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $27.00.

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.