Bessemer Group Inc. Acquires 204,467 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Bessemer Group Inc. boosted its stake in Magnolia Oil & Gas by 22.4% in the fourth quarter, adding 204,467 shares and bringing its total holding to 1,116,993 shares worth about $24.45 million.
• Analyst sentiment is mixed but generally constructive: Magnolia Oil & Gas has a Moderate Buy consensus rating with a $31.00 average price target, though several firms recently trimmed ratings or price targets.
• The company reported strong quarterly results, with EPS of $0.54 beating estimates and revenue of $358.51 million topping expectations, while also announcing a quarterly dividend of $0.165 per share for a 2.2% annualized yield.

Bessemer Group Inc. increased its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 22.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,116,993 shares of the company's stock after purchasing an additional 204,467 shares during the period. Bessemer Group Inc. owned 0.59% of Magnolia Oil & Gas worth $24,452,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Salomon & Ludwin LLC grew its holdings in Magnolia Oil & Gas by 130.1% during the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company's stock worth $29,000 after purchasing an additional 760 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company's stock worth $31,000 after purchasing an additional 864 shares during the period. Torren Management LLC bought a new position in Magnolia Oil & Gas during the fourth quarter worth about $38,000. First Horizon Corp grew its holdings in Magnolia Oil & Gas by 159.8% during the fourth quarter. First Horizon Corp now owns 1,889 shares of the company's stock worth $41,000 after purchasing an additional 1,162 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in Magnolia Oil & Gas by 90.5% during the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company's stock worth $50,000 after purchasing an additional 1,051 shares during the period. Institutional investors own 94.73% of the company's stock.

Analysts Set New Price Targets

MGY has been the subject of a number of research analyst reports. Siebert Williams Shank cut Magnolia Oil & Gas from a "buy" rating to a "hold" rating in a report on Friday, March 6th. Susquehanna reduced their price target on Magnolia Oil & Gas from $30.00 to $28.00 and set a "positive" rating for the company in a report on Monday, January 26th. Truist Financial lifted their price target on Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Piper Sandler raised their price objective on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a "neutral" rating in a research report on Thursday, March 12th. Finally, Benchmark restated a "hold" rating on shares of Magnolia Oil & Gas in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.00.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, CEO Christopher G. Stavros sold 119,954 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.29, for a total transaction of $3,513,452.66. Following the sale, the chief executive officer owned 883,592 shares of the company's stock, valued at $25,880,409.68. This represents a 11.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward P. Djerejian sold 18,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $28.98, for a total value of $521,640.00. Following the sale, the director directly owned 110,425 shares in the company, valued at $3,200,116.50. This represents a 14.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 338,954 shares of company stock valued at $9,911,733 over the last ninety days. 0.92% of the stock is owned by corporate insiders.

Magnolia Oil & Gas Trading Up 2.6%

Shares of MGY stock opened at $29.55 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.19. Magnolia Oil & Gas Corp has a 12-month low of $21.07 and a 12-month high of $32.76. The firm has a 50 day moving average price of $29.73 and a two-hundred day moving average price of $25.84. The company has a market capitalization of $5.47 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 1.77 and a beta of 0.75.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $358.51 million during the quarter, compared to analysts' expectations of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The firm's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 earnings per share. As a group, analysts predict that Magnolia Oil & Gas Corp will post 2.91 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Tuesday, May 12th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a yield of 2.2%. Magnolia Oil & Gas's dividend payout ratio is currently 38.37%.

Magnolia Oil & Gas 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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