Diamond Hill Capital Management Inc. Boosts Holdings in Magnolia Oil & Gas Corp $MGY

Key Points

• Diamond Hill Capital Management increased its stake in Magnolia Oil & Gas by 210.5% in the fourth quarter, ending with 414,817 shares worth about $9.08 million.
• Institutional ownership in MGY remains heavy, with hedge funds and other investors owning about 94.73% of the stock. Several firms, including JPMorgan Chase and TD Asset Management, also boosted their holdings.
• Magnolia Oil & Gas reported better-than-expected quarterly results and declared a quarterly dividend of $0.165 per share, implying a 2.3% annual yield. However, Wall Street’s overall view remains cautious, with a consensus rating of Hold and a $31 price target.

Diamond Hill Capital Management Inc. boosted its position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 210.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 414,817 shares of the company's stock after buying an additional 281,234 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.22% of Magnolia Oil & Gas worth $9,080,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in Magnolia Oil & Gas by 34.8% in the third quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company's stock valued at $20,504,000 after acquiring an additional 221,920 shares during the period. Foster Victor Wealth Advisors LLC lifted its holdings in Magnolia Oil & Gas by 9.2% in the fourth quarter. Foster Victor Wealth Advisors LLC now owns 417,192 shares of the company's stock valued at $9,429,000 after acquiring an additional 35,223 shares during the period. TD Asset Management Inc lifted its holdings in Magnolia Oil & Gas by 55.7% in the third quarter. TD Asset Management Inc now owns 4,478,361 shares of the company's stock valued at $106,898,000 after acquiring an additional 1,601,809 shares during the period. Bessemer Group Inc. lifted its holdings in Magnolia Oil & Gas by 4.4% in the third quarter. Bessemer Group Inc. now owns 912,526 shares of the company's stock valued at $21,781,000 after acquiring an additional 38,502 shares during the period. Finally, Heartland Advisors Inc. lifted its holdings in Magnolia Oil & Gas by 92.1% in the third quarter. Heartland Advisors Inc. now owns 576,290 shares of the company's stock valued at $13,756,000 after acquiring an additional 276,290 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Siebert Williams Shank downgraded Magnolia Oil & Gas from a "buy" rating to a "hold" rating in a report on Friday, March 6th. Piper Sandler raised their target price on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a "neutral" rating in a report on Thursday, March 12th. Wells Fargo & Company reduced their target price on Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, May 13th. Truist Financial raised their target price on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a "hold" rating in a report on Monday, April 27th. Finally, Mizuho set a $30.00 target price on Magnolia Oil & Gas in a report on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $31.00.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, CEO Christopher G. Stavros sold 119,954 shares of Magnolia Oil & Gas stock in a transaction dated 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 completion of the sale, the chief executive officer owned 883,592 shares in the company, valued at approximately $25,880,409.68. This trade represents a 11.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Edward P. Djerejian sold 18,000 shares of Magnolia Oil & Gas stock in a transaction dated 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 owned 110,425 shares of the company's stock, valued at approximately $3,200,116.50. This represents a 14.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 338,954 shares of company stock worth $9,911,733. Insiders own 0.92% of the company's stock.

Magnolia Oil & Gas Trading Up 0.2%

NYSE:MGY opened at $29.28 on Friday. The company has a market capitalization of $5.42 billion, a PE ratio of 17.03 and a beta of 0.75. 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 52-week low of $21.07 and a 52-week high of $32.76. The stock has a fifty day simple moving average of $29.79 and a 200-day simple moving average of $26.08.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $358.51 million during 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 business's revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 EPS. On average, equities research analysts expect that Magnolia Oil & Gas Corp will post 2.91 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, May 12th. Magnolia Oil & Gas's payout ratio is 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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