Fifth Third Bancorp Has $2.29 Million Position in Magnolia Oil & Gas Corp $MGY

Fifth Third Bancorp lifted its holdings in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 8,323.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 72,696 shares of the company's stock after purchasing an additional 71,833 shares during the quarter. Fifth Third Bancorp's holdings in Magnolia Oil & Gas were worth $2,295,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of MGY. Epoch Investment Partners Inc. lifted its stake in Magnolia Oil & Gas by 58.7% in the third quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company's stock valued at $98,789,000 after buying an additional 1,531,061 shares in the last quarter. HITE Hedge Asset Management LLC increased its position in shares of Magnolia Oil & Gas by 661.5% during the fourth quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company's stock worth $31,837,000 after acquiring an additional 1,263,407 shares in the last quarter. TD Asset Management Inc raised its holdings 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 during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Magnolia Oil & Gas by 192.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company's stock worth $33,449,000 after acquiring an additional 921,970 shares during the period. Finally, Voloridge Investment Management LLC lifted its position in Magnolia Oil & Gas by 116.4% in the 4th quarter. Voloridge Investment Management LLC now owns 969,487 shares of the company's stock valued at $21,222,000 after acquiring an additional 521,459 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MGY shares. Wells Fargo & Company reduced their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 13th. Truist Financial cut their price target on Magnolia Oil & Gas from $34.00 to $32.00 and set a "hold" rating on the stock in a report on Tuesday, July 7th. Susquehanna upped their price objective on Magnolia Oil & Gas from $35.00 to $36.00 and gave the stock a "positive" rating in a research report on Tuesday. UBS Group decreased their price objective on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating for the company in a report on Friday, July 10th. Finally, Zacks Research cut Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Eight investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $31.75.

Key Magnolia Oil & Gas News

Here are the key news stories impacting Magnolia Oil & Gas this week:

• Positive Sentiment: Magnolia agreed to buy private-equity backed WildFire Energy for about $4.06 billion, a move that should significantly expand its South Texas footprint and more than double its presence in the Giddings field. Reuters: Magnolia Oil & Gas to buy WildFire Energy in $4.06 billion deal
• Positive Sentiment: The company also raised its dividend in connection with the transaction, which can be viewed as a sign of confidence in future cash flow. MSN: Magnolia Oil & Gas to buy WildFire Energy in $4B deal, raises dividend
• Neutral Sentiment: Magnolia released more details on the acquisition and held an M&A call as investors digested the strategic rationale and financing structure. Seeking Alpha: Magnolia Oil and Gas Corporation (MGY) M&A Call Transcript
• Negative Sentiment: Shares fell after Magnolia priced a roughly $1.1 billion stock offering at $23.75 per share, signaling dilution that can pressure the stock in the short term. MSN: Magnolia Oil & Gas slides after pricing $1.1B stock offering at $23.75 per share
• Negative Sentiment: Magnolia also announced a proposed public offering of Class A common stock, adding to concerns that the acquisition will be financed partly by issuing new shares. BusinessWire: Magnolia Oil & Gas Corporation Announces Proposed Public Offering of Class A Common Stock

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $24.96 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50-day moving average of $27.23 and a 200-day moving average of $27.39. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 14.51 and a beta of 0.70. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted 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 return on equity of 16.28% and a net margin of 24.40%.The firm had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. During the same period last year, the company earned $0.54 earnings per share. The business's revenue was up 2.3% compared to the same quarter last year. As a group, sell-side analysts predict that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, May 12th. Magnolia Oil & Gas's payout ratio is presently 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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