Edgestream Partners L.P. Has $11.14 Million Stake in Magnolia Oil & Gas Corp $MGY

Key Points

• Edgestream Partners increased its Magnolia Oil & Gas stake by 45.7% in the first quarter, holding 352,998 shares valued at approximately $11.14 million. Institutional investors collectively own 94.73% of MGY.
• Analyst sentiment remains favorable, with nine Buy ratings and eight Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $31.50.
• Magnolia reported quarterly EPS of $0.54, exceeding estimates, while revenue rose 2.3% year over year to $358.51 million. The company also raised its quarterly dividend to $0.18 per share, implying a 2.9% annualized yield.

Edgestream Partners L.P. increased its position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 45.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 352,998 shares of the company's stock after purchasing an additional 110,677 shares during the period. Magnolia Oil & Gas makes up 0.4% of Edgestream Partners L.P.'s investment portfolio, making the stock its 28th largest holding. Edgestream Partners L.P. owned about 0.19% of Magnolia Oil & Gas worth $11,144,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. State Street Corp raised its holdings in Magnolia Oil & Gas by 1.4% during the fourth quarter. State Street Corp now owns 8,800,807 shares of the company's stock worth $192,650,000 after buying an additional 125,707 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Magnolia Oil & Gas by 5.9% during the first quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company's stock valued at $221,910,000 after buying an additional 394,419 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Magnolia Oil & Gas by 2.8% during the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company's stock valued at $198,248,000 after buying an additional 170,174 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock worth $197,748,000 after acquiring an additional 5,560,619 shares in the last quarter. Finally, TD Asset Management Inc increased its position in shares of Magnolia Oil & Gas by 26.6% during the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock worth $124,156,000 after acquiring an additional 1,193,458 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group dropped their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. KeyCorp reissued an "overweight" rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. Susquehanna increased their price objective on Magnolia Oil & Gas from $35.00 to $36.00 and gave the stock a "positive" rating in a research note on Tuesday, July 21st. Mizuho lowered their price objective on Magnolia Oil & Gas from $35.00 to $33.00 and set an "outperform" rating for the company in a research note on Wednesday, July 22nd. Finally, Roth Capital dropped their target price on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Nine investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $31.50.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $25.00 on Thursday. The firm has a 50-day moving average of $26.68 and a 200-day moving average of $27.51. The company has a market cap of $4.62 billion, a P/E ratio of 14.54 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10. Magnolia Oil & Gas Corp has a one year low of $21.07 and a one year high of $32.76.

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 for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company had revenue of $358.51 million for the quarter, compared to analyst estimates of $349.89 million. During the same period last year, the firm earned $0.54 earnings per share. The firm's revenue was up 2.3% on a year-over-year basis. Equities research analysts forecast that Magnolia Oil & Gas Corp will post 2.7 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.72 annualized dividend and a dividend yield of 2.9%. This is an increase from Magnolia Oil & Gas's previous quarterly dividend of $0.17. Magnolia Oil & Gas's payout ratio is 38.37%.

Magnolia Oil & Gas Company 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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