GW&K Investment Management LLC Acquires 404,402 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• GW&K Investment Management increased its stake in Magnolia Oil & Gas by 14.6% in the fourth quarter, buying an additional 404,402 shares and bringing its total holding to 3.17 million shares worth about $69.4 million.
• Magnolia Oil & Gas reported better-than-expected quarterly results, with EPS of $0.54 versus the $0.51 estimate and revenue of $358.5 million, up 2.3% year over year.
• The company also paid a quarterly dividend of $0.165 per share, equal to an annualized yield of 2.4%, while analysts currently rate the stock a consensus Hold with an average price target of $31.42.

GW&K Investment Management LLC raised its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 14.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,169,496 shares of the company's stock after purchasing an additional 404,402 shares during the period. GW&K Investment Management LLC owned 1.68% of Magnolia Oil & Gas worth $69,381,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Focus Partners Advisor Solutions LLC bought a new position in Magnolia Oil & Gas during the 4th quarter valued at approximately $325,000. Fox Run Management L.L.C. raised its position in Magnolia Oil & Gas by 291.3% during the 4th quarter. Fox Run Management L.L.C. now owns 33,844 shares of the company's stock valued at $741,000 after purchasing an additional 25,195 shares during the last quarter. Cerity Partners LLC raised its position in Magnolia Oil & Gas by 6.4% during the 4th quarter. Cerity Partners LLC now owns 129,090 shares of the company's stock valued at $2,826,000 after purchasing an additional 7,738 shares during the last quarter. LPL Financial LLC raised its position in Magnolia Oil & Gas by 8.0% during the 4th quarter. LPL Financial LLC now owns 36,645 shares of the company's stock valued at $802,000 after purchasing an additional 2,727 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Magnolia Oil & Gas by 25.1% during the 4th quarter. Franklin Resources Inc. now owns 189,390 shares of the company's stock valued at $4,146,000 after purchasing an additional 38,058 shares during the last quarter. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Stock Down 2.7%

Shares of NYSE:MGY opened at $27.27 on Wednesday. Magnolia Oil & Gas Corp has a 52-week low of $21.07 and a 52-week high of $32.76. The firm has a market capitalization of $5.04 billion, a P/E ratio of 15.85 and a beta of 0.71. The stock has a 50 day moving average price of $29.14 and a 200-day moving average price of $26.57. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $349.89 million. During the same quarter in the prior year, the company earned $0.54 EPS. The business's revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Magnolia Oil & Gas Corp will post 2.82 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were paid a $0.165 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $0.66 annualized dividend and a dividend yield of 2.4%. Magnolia Oil & Gas's dividend payout ratio is presently 38.37%.

Analysts Set New Price Targets

A number of research analysts have commented on MGY shares. Piper Sandler upped their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a "neutral" rating in a research report on Thursday, March 12th. Truist Financial increased their target price on Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a "hold" rating in a research report on Monday, April 27th. Roth Mkm reissued a "neutral" rating and issued a $32.00 target price (up from $29.00) on shares of Magnolia Oil & Gas in a research report on Wednesday, April 8th. UBS Group increased their target price on Magnolia Oil & Gas from $29.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Finally, Mizuho increased their target price on Magnolia Oil & Gas from $33.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $31.42.

About Magnolia Oil & Gas

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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