Bessemer Group Inc. Raises Stock Holdings in Magnolia Oil & Gas Corp $MGY

Key Points

• Bessemer Group Inc. increased its stake in Magnolia Oil & Gas by 12.3% in the first quarter, adding 137,448 shares and bringing its total holding to 1,254,441 shares valued at about $39.6 million.
• Institutional ownership in MGY remains very high, with hedge funds and other institutional investors owning 94.73% of the company’s shares, and several firms also reported recent increases in their positions.
• Analysts are broadly neutral on the stock: while some firms trimmed price targets, the consensus rating is Hold with an average price target of $31.08, above the recent trading price of $27.27.

Bessemer Group Inc. lifted its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 12.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,254,441 shares of the company's stock after acquiring an additional 137,448 shares during the period. Bessemer Group Inc. owned 0.67% of Magnolia Oil & Gas worth $39,602,000 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 MGY. Salomon & Ludwin LLC boosted its stake in shares of Magnolia Oil & Gas by 130.1% during the 4th 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 last quarter. Valued Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the first quarter valued at approximately $29,000. EverSource Wealth Advisors LLC raised its position in shares of Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company's stock valued at $31,000 after buying an additional 864 shares during the last quarter. Torren Management LLC purchased a new position in shares of Magnolia Oil & Gas during the fourth quarter valued at approximately $38,000. Finally, Parallel Advisors LLC lifted its stake in shares of Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company's stock valued at $39,000 after buying an additional 785 shares during the period. Hedge funds and other institutional investors own 94.73% of the company's stock.

Wall Street Analysts Forecast Growth

MGY has been the subject of several analyst reports. Zacks Research downgraded Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Wells Fargo & Company decreased their price objective on Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 13th. UBS Group decreased their price objective on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Weiss Ratings downgraded Magnolia Oil & Gas from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Finally, Citigroup dropped their target price on Magnolia Oil & Gas from $35.00 to $32.00 and set a "neutral" rating for the company in a research note on Monday, April 13th. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $31.08.

Magnolia Oil & Gas Price Performance

MGY stock opened at $27.27 on Friday. 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 1 year low of $21.07 and a 1 year high of $32.76. The firm has a market cap of $5.04 billion, a P/E ratio of 15.85 and a beta of 0.70. The stock has a 50-day simple moving average of $27.36 and a 200-day simple moving average of $27.30.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $358.51 million for the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The company's revenue was up 2.3% on a year-over-year basis. During the same period last year, the business posted $0.54 EPS. On average, equities analysts predict that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.165 per share. The ex-dividend date was Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 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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