Foster Victor Wealth Advisors LLC Has $9.43 Million Stock Position in Magnolia Oil & Gas Corp $MGY

Key Points

• Foster Victor Wealth Advisors LLC boosted its stake in Magnolia Oil & Gas to 417,192 shares, a 9.2% increase valued at about $9.43 million.
• Institutional ownership is very high at 94.73%, with major funds such as TD Asset Management, Epoch, Arrowstreet and Pacer markedly increasing their MGY positions.
• Corporate insiders have been net sellers, offloading 338,954 shares worth roughly $9.91 million in the past 90 days, while analysts hold a consensus "Moderate Buy" with an average price target of $31.00.

Foster Victor Wealth Advisors LLC boosted its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 9.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 417,192 shares of the company's stock after buying an additional 35,223 shares during the period. Foster Victor Wealth Advisors LLC owned approximately 0.22% of Magnolia Oil & Gas worth $9,429,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of MGY. TD Asset Management Inc boosted its holdings in Magnolia Oil & Gas by 55.7% in the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company's stock valued at $106,898,000 after purchasing an additional 1,601,809 shares during the period. Epoch Investment Partners Inc. boosted its holdings in Magnolia Oil & Gas by 58.7% in the 3rd quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company's stock valued at $98,789,000 after purchasing an additional 1,531,061 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Magnolia Oil & Gas by 192.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company's stock valued at $33,449,000 after purchasing an additional 921,970 shares during the period. Pacer Advisors Inc. boosted its holdings in Magnolia Oil & Gas by 16,251.3% in the 3rd quarter. Pacer Advisors Inc. now owns 626,745 shares of the company's stock valued at $14,960,000 after purchasing an additional 622,912 shares during the period. Finally, Northern Trust Corp boosted its holdings in Magnolia Oil & Gas by 21.5% in the 3rd quarter. Northern Trust Corp now owns 2,229,193 shares of the company's stock valued at $53,211,000 after purchasing an additional 394,579 shares during the period. Institutional investors and hedge funds own 94.73% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Mizuho set a $30.00 price objective on shares of Magnolia Oil & Gas in a report on Friday, February 6th. Roth Mkm reissued a "neutral" rating and issued a $32.00 price objective (up from $29.00) on shares of Magnolia Oil & Gas in a report on Wednesday, April 8th. KeyCorp boosted their price objective on shares of Magnolia Oil & Gas from $30.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, April 2nd. Citigroup cut their price objective on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a "neutral" rating for the company in a report on Monday. Finally, Wells Fargo & Company boosted their price objective on shares of Magnolia Oil & Gas from $25.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of "Moderate Buy" and an average price target of $31.00.

Insider Activity at Magnolia Oil & Gas

In other news, Director Edward P. Djerejian sold 18,000 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $28.98, for a total transaction of $521,640.00. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Timothy D. Yang sold 150,000 shares of the company's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.29, for a total transaction of $4,393,500.00. Following the transaction, the executive vice president owned 526,661 shares of the company's stock, valued at approximately $15,425,900.69. This represents a 22.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 338,954 shares of company stock worth $9,911,733 in the last 90 days. Corporate insiders own 0.92% of the company's stock.

Magnolia Oil & Gas Stock Performance

Shares of Magnolia Oil & Gas stock opened at $28.61 on Wednesday. The company has a 50 day moving average of $28.95 and a 200-day moving average of $25.03. Magnolia Oil & Gas Corp has a 1-year low of $19.97 and a 1-year high of $32.76. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.20. The company has a market cap of $5.33 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.88 and a beta of 0.83.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.01. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The company had revenue of $317.63 million during the quarter, compared to the consensus estimate of $322.18 million. During the same quarter in the prior year, the firm posted $0.44 EPS. The firm's quarterly revenue was down 2.8% on a year-over-year basis. As a group, equities research analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.165 per share. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.3%. Magnolia Oil & Gas's payout ratio is currently 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).

Want to see what other hedge funds are holding MGY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magnolia Oil & Gas Corp (NYSE:MGY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.