Conestoga Capital Advisors LLC Buys 43,180 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Conestoga Capital Advisors increased its Magnolia Oil & Gas stake by 4.6%, adding 43,180 shares in the third quarter to hold 978,785 shares, valued at about $23 million. Institutional investors own 94.73% of the company.
• Magnolia beat third-quarter estimates, reporting EPS of $0.71 versus $0.58 expected and revenue of $513.9 million versus $474.4 million expected; revenue rose 58.2% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $31.53. Magnolia also announced a quarterly dividend of $0.18 per share, equivalent to a 3.1% yield at the cited share price.

Conestoga Capital Advisors LLC raised its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 4.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 978,785 shares of the company's stock after buying an additional 43,180 shares during the period. Conestoga Capital Advisors LLC owned about 0.41% of Magnolia Oil & Gas worth $22,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Boston Trust Walden Corp raised its stake in shares of Magnolia Oil & Gas by 20.2% during the third quarter. Boston Trust Walden Corp now owns 2,866,273 shares of the company's stock valued at $67,329,000 after acquiring an additional 481,513 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Magnolia Oil & Gas by 77.5% in the third quarter. Covestor Ltd now owns 2,709 shares of the company's stock valued at $64,000 after purchasing an additional 1,183 shares during the period. Richardson Financial Services Inc. grew its stake in Magnolia Oil & Gas by 76.4% in the third quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company's stock worth $32,000 after purchasing an additional 595 shares in the last quarter. Provenance Wealth Advisors LLC bought a new position in Magnolia Oil & Gas in the third quarter worth approximately $242,000. Finally, Oregon Public Employees Retirement Fund grew its stake in Magnolia Oil & Gas by 26.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 53,153 shares of the company's stock worth $1,249,000 after purchasing an additional 11,200 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.

Insider Transactions at Magnolia Oil & Gas

In related news, Director David Khani purchased 8,000 shares of the business's stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the acquisition, the director owned 30,622 shares of the company's stock, valued at $765,550. The trade was a 35.36% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.92% of the company's stock.

Key Magnolia Oil & Gas News

Here are the key news stories impacting Magnolia Oil & Gas this week:

• Positive Sentiment: Magnolia reported Q3 earnings of $0.71 per share, above the cited analyst estimate of $0.58 and up from $0.42 a year earlier. Revenue was $513.9 million, exceeding the $474.4 million estimate and rising 58.2% year over year. The earnings and revenue beats may support investor sentiment. Magnolia Oil & Gas Reports Strong Third-Quarter Results
• Neutral Sentiment: The supplied trading snapshot showed shares below their 50- and 200-day moving averages before the results were released. The articles provide no specific explanation for that earlier decline; the earnings news came afterward. Magnolia Oil & Gas Q3 and Nine-Month Results

Wall Street Analysts Forecast Growth

MGY has been the topic of several research reports. Weiss Ratings upgraded Magnolia Oil & Gas from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Wells Fargo & Company lowered their target price on Magnolia Oil & Gas from $36.00 to $30.00 and set an "equal weight" rating for the company in a report on Wednesday, October 14th. Williams Trading set a $32.00 price target on Magnolia Oil & Gas in a research report on Wednesday, September 23rd. Seaport Research Partners initiated coverage on Magnolia Oil & Gas in a research report on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, Siebert Williams Shank upgraded Magnolia Oil & Gas from a "hold" rating to a "buy" rating and raised their price target for the company from $30.00 to $32.00 in a research note on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $31.53.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $23.32 on Thursday. The company has a 50 day moving average price of $25.55 and a 200-day moving average price of $27.03. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The stock has a market capitalization of $5.53 billion, a PE ratio of 10.23 and a beta of 0.72. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.13. The company had revenue of $513.89 million for the quarter, compared to analyst estimates of $474.39 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. Magnolia Oil & Gas's revenue was up 58.2% compared to the same quarter last year. During the same period last year, the company posted $0.42 earnings per share. Equities analysts predict that Magnolia Oil & Gas Corp will post 2.83 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 10th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 10th. Magnolia Oil & Gas's dividend payout ratio (DPR) is 31.58%.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corporation NYSE: MGY is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.

Want to see what other hedge funds are holding MGY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magnolia Oil & Gas Corp (NYSE:MGY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.