Dark Forest Capital Management LP Takes Position in Magnolia Oil & Gas Corp $MGY

Key Points

• Dark Forest Capital Management LP has acquired a new position in Magnolia Oil & Gas Corp, purchasing 170,720 shares valued at approximately $4.3 million, representing 0.09% ownership as of the end of the previous quarter.
• During the same period, several other institutional investors also increased their stakes, contributing to a total institutional ownership of 94.73% of Magnolia's shares.
• The company reported a quarterly earnings per share of $0.43, surpassing the consensus estimate, even as it saw a year-over-year revenue decrease of 5.3%.

Dark Forest Capital Management LP purchased a new stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 170,720 shares of the company's stock, valued at approximately $4,312,000. Dark Forest Capital Management LP owned approximately 0.09% of Magnolia Oil & Gas as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Susquehanna International Group LLP raised its position in shares of Magnolia Oil & Gas by 86.9% during the fourth quarter. Susquehanna International Group LLP now owns 150,512 shares of the company's stock valued at $3,519,000 after buying an additional 69,995 shares during the last quarter. Voya Investment Management LLC grew its stake in Magnolia Oil & Gas by 1.8% during the fourth quarter. Voya Investment Management LLC now owns 56,232 shares of the company's stock worth $1,315,000 after buying an additional 1,019 shares during the last quarter. Northern Trust Corp grew its stake in Magnolia Oil & Gas by 7.3% during the fourth quarter. Northern Trust Corp now owns 1,936,398 shares of the company's stock worth $45,273,000 after buying an additional 131,941 shares during the last quarter. Lido Advisors LLC bought a new stake in Magnolia Oil & Gas during the fourth quarter worth about $227,000. Finally, BNP Paribas Financial Markets grew its stake in Magnolia Oil & Gas by 2.2% during the fourth quarter. BNP Paribas Financial Markets now owns 131,291 shares of the company's stock worth $3,070,000 after buying an additional 2,799 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Wall Street Analysts Forecast Growth

MGY has been the topic of several research analyst reports. 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. Bank of America raised their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. Citigroup reiterated a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Piper Sandler raised their price objective on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Wells Fargo & Company dropped their price objective on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a report on Monday, June 16th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of "Hold" and a consensus target price of $26.67.

Magnolia Oil & Gas Price Performance

Shares of Magnolia Oil & Gas stock traded down $0.10 on Monday, reaching $23.53. 358,116 shares of the stock were exchanged, compared to its average volume of 2,621,380. The firm has a market cap of $4.49 billion, a PE ratio of 12.32, a P/E/G ratio of 3.11 and a beta of 1.33. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.44 and a current ratio of 1.44. The firm's 50 day moving average is $23.70 and its 200-day moving average is $23.01. 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 released its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. The firm had revenue of $318.98 million during the quarter, compared to the consensus estimate of $311.58 million. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. The company's revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 earnings per share. As a group, analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

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

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.