Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Magnolia Oil & Gas Corp (NYSE:MGY)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Magnolia Oil & Gas Corp by 37.5% during the first quarter, owning 812,030 shares valued at approximately $20.5 million.
• Magnolia Oil & Gas reported earnings of $0.43 per share for the quarter, surpassing analysts' expectations, with a net margin of 27.57% and revenue of $318.98 million.
• The company declared a quarterly dividend of $0.15 per share, reflecting an annualized dividend yield of 2.6% and a payout ratio of 31.41%.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 37.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 812,030 shares of the company's stock after acquiring an additional 221,389 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.42% of Magnolia Oil & Gas worth $20,512,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MGY. First Trust Advisors LP increased its stake in Magnolia Oil & Gas by 24.6% in the fourth quarter. First Trust Advisors LP now owns 15,410,496 shares of the company's stock worth $360,297,000 after purchasing an additional 3,038,709 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Magnolia Oil & Gas by 11.7% in the fourth quarter. Janus Henderson Group PLC now owns 6,396,875 shares of the company's stock worth $149,559,000 after purchasing an additional 667,973 shares during the last quarter. Renaissance Technologies LLC increased its stake in Magnolia Oil & Gas by 910.5% in the 4th quarter. Renaissance Technologies LLC now owns 541,400 shares of the company's stock worth $12,658,000 after buying an additional 487,820 shares during the period. Wasatch Advisors LP lifted its holdings in Magnolia Oil & Gas by 21.2% during the 4th quarter. Wasatch Advisors LP now owns 2,773,828 shares of the company's stock valued at $64,852,000 after buying an additional 484,683 shares in the last quarter. Finally, Ruffer LLP bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at about $6,577,000. Hedge funds and other institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Price Performance

MGY opened at $23.50 on Friday. The firm has a market capitalization of $4.52 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 3.04 and a beta of 1.31. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.44 and a quick ratio of 1.44. The business's 50-day moving average is $23.41 and its two-hundred day moving average is $23.02. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.03. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. The business had revenue of $318.98 million for the quarter, compared to analysts' expectations of $311.58 million. During the same period last year, the business earned $0.51 EPS. The company's revenue was down 5.3% compared to the same quarter last year. Research analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 11th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. Magnolia Oil & Gas's dividend payout ratio is presently 31.41%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MGY. Piper Sandler upped their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. UBS Group reissued a "buy" rating and issued a $29.00 price objective (up previously from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Citigroup reaffirmed a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Wells Fargo & Company lowered their target price on Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a report on Monday, June 16th. Finally, Susquehanna cut their price target on Magnolia Oil & Gas from $31.00 to $30.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $26.67.

Magnolia Oil & Gas 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.

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