Encompass Capital Advisors LLC Invests $53.82 Million in Magnolia Oil & Gas Corp $MGY

Key Points

• Encompass Capital Advisors LLC invested approximately $53.82 million in Magnolia Oil & Gas Corp, acquiring over 2.1 million shares, making it the firm's 18th largest position.
• Magnolia Oil & Gas recently announced a quarterly dividend of $0.15 per share, resulting in an annualized dividend of $0.60 and a yield of 2.5%.
• Research analysts have mixed opinions on Magnolia Oil & Gas, with four ratings as "Buy," eight as "Hold," and two as "Sell," and an average target price of $26.67.

Encompass Capital Advisors LLC purchased a new position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,130,595 shares of the company's stock, valued at approximately $53,819,000. Magnolia Oil & Gas accounts for about 2.1% of Encompass Capital Advisors LLC's investment portfolio, making the stock its 18th biggest holding. Encompass Capital Advisors LLC owned 1.10% of Magnolia Oil & Gas at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in Magnolia Oil & Gas by 77.7% in the 1st quarter. AQR Capital Management LLC now owns 56,346 shares of the company's stock worth $1,423,000 after purchasing an additional 24,631 shares during the period. Advisors Asset Management Inc. raised its holdings in Magnolia Oil & Gas by 24.9% in the 1st quarter. Advisors Asset Management Inc. now owns 13,897 shares of the company's stock worth $351,000 after purchasing an additional 2,771 shares during the period. Perbak Capital Partners LLP acquired a new position in Magnolia Oil & Gas in the 1st quarter worth about $283,000. Dark Forest Capital Management LP acquired a new position in Magnolia Oil & Gas in the 1st quarter worth about $4,312,000. Finally, Vident Advisory LLC raised its holdings in Magnolia Oil & Gas by 11.1% in the 1st quarter. Vident Advisory LLC now owns 27,844 shares of the company's stock worth $703,000 after purchasing an additional 2,776 shares during the period. Institutional investors and hedge funds own 94.73% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MGY shares. UBS Group reaffirmed a "buy" rating and issued a $29.00 price target (up previously from $26.00) on shares of Magnolia Oil & Gas in a report on Friday, June 13th. Piper Sandler increased their target price on Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Citigroup reissued a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Bank of America increased their target price on Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a "neutral" rating in a report on Friday, May 23rd. Finally, Wells Fargo & Company reduced 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. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $26.67.

Magnolia Oil & Gas Trading Down 0.7%

Magnolia Oil & Gas stock traded down $0.17 during mid-day trading on Monday, hitting $23.46. The company's stock had a trading volume of 2,241,712 shares, compared to its average volume of 2,633,124. The firm has a market capitalization of $4.48 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 3.11 and a beta of 1.33. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $29.02. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.20. The stock's fifty day moving average is $23.70 and its two-hundred day moving average is $23.01.

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

Magnolia Oil & Gas Dividend Announcement

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

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.