Great Lakes Advisors LLC Invests $4.68 Million in Magnolia Oil & Gas Corp $MGY

Key Points

• Great Lakes Advisors initiated a $4.68 million position in Magnolia Oil & Gas, purchasing 182,784 shares, while institutional investors and hedge funds collectively own 94.73% of the company.
• Magnolia reported quarterly earnings of $0.99 per share, exceeding estimates of $0.93, as revenue rose 50.1% year over year to $478.81 million.
• The company raised its quarterly dividend to $0.18 per share, or $0.72 annually, producing a 2.6% yield; analysts maintained a consensus “Moderate Buy” rating with an average price target of $31.62.

Great Lakes Advisors LLC bought a new position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 182,784 shares of the company's stock, valued at approximately $4,676,000. Great Lakes Advisors LLC owned about 0.10% of Magnolia Oil & Gas at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership increased its position in shares of Magnolia Oil & Gas by 790.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock valued at $197,748,000 after acquiring an additional 5,560,619 shares during the last quarter. Epoch Investment Partners Inc. increased its position in shares of Magnolia Oil & Gas by 58.7% during the 3rd quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company's stock worth $98,789,000 after purchasing an additional 1,531,061 shares during the last quarter. HITE Hedge Asset Management LLC raised its stake in shares of Magnolia Oil & Gas by 661.5% during the 4th quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company's stock worth $31,837,000 after purchasing an additional 1,263,407 shares in the last quarter. TD Asset Management Inc boosted its holdings in shares of Magnolia Oil & Gas by 26.6% in the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock valued at $124,156,000 after buying an additional 1,193,458 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Magnolia Oil & Gas by 20.5% in the first quarter. Bank of America Corp DE now owns 3,877,361 shares of the company's stock valued at $122,408,000 after buying an additional 659,012 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $27.48 on Thursday. Magnolia Oil & Gas Corp has a one year low of $21.07 and a one year high of $32.76. The company has a market cap of $6.51 billion, a P/E ratio of 12.05 and a beta of 0.72. The firm's fifty day moving average price is $25.97 and its two-hundred day moving average price is $27.75. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.06. The company had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company's revenue was up 50.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. Equities analysts expect that Magnolia Oil & Gas Corp will post 2.8 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.72 annualized dividend and a yield of 2.6%. This is an increase from Magnolia Oil & Gas's previous quarterly dividend of $0.17. Magnolia Oil & Gas's payout ratio is currently 31.58%.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David M. Khani bought 8,000 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were bought at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the transaction, the director owned 30,622 shares of the company's stock, valued at $765,550. This trade represents a 35.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.92% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on MGY. Roth Capital dropped their price target on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Citigroup dropped their target price on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. Wells Fargo & Company lifted their price target on Magnolia Oil & Gas from $31.00 to $36.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. Wall Street Zen raised Magnolia Oil & Gas from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, UBS Group dropped their price objective on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $31.62.

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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