HITE Hedge Asset Management LLC Has $31.84 Million Stake in Magnolia Oil & Gas Corp $MGY

Key Points

• HITE Hedge Asset Management massively increased its stake in Magnolia Oil & Gas, boosting holdings by 661.5% in the fourth quarter to 1.45 million shares worth about $31.84 million.
• Magnolia Oil & Gas reported solid quarterly results, with EPS of $0.54 beating estimates and revenue of $358.51 million coming in above expectations. The company also posted a 2.3% year-over-year revenue increase.
• Analysts are mixed on the stock: several firms raised price targets, but the overall consensus remains "Hold" with an average target price of $31.42. Magnolia also pays a quarterly dividend of $0.165, yielding about 2.4%.

HITE Hedge Asset Management LLC boosted its holdings in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 661.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,454,388 shares of the company's stock after purchasing an additional 1,263,407 shares during the quarter. Magnolia Oil & Gas accounts for about 2.0% of HITE Hedge Asset Management LLC's portfolio, making the stock its 13th largest holding. HITE Hedge Asset Management LLC owned approximately 0.77% of Magnolia Oil & Gas worth $31,837,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Salomon & Ludwin LLC raised its stake in Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company's stock worth $29,000 after purchasing an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company's stock valued at $31,000 after buying an additional 864 shares in the last quarter. Torren Management LLC acquired a new position in shares of Magnolia Oil & Gas in the 4th quarter valued at approximately $38,000. Parallel Advisors LLC raised its position in shares of Magnolia Oil & Gas by 79.8% in the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company's stock valued at $39,000 after buying an additional 785 shares in the last quarter. Finally, First Horizon Corp raised its position in shares of Magnolia Oil & Gas by 159.8% in the 4th quarter. First Horizon Corp now owns 1,889 shares of the company's stock valued at $41,000 after buying an additional 1,162 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Magnolia Oil & Gas Price Performance

MGY stock opened at $27.59 on Friday. The company has a 50 day simple moving average of $28.92 and a 200 day simple moving average of $26.65. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 16.04 and a beta of 0.71. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $358.51 million during the quarter, compared to analysts' expectations of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The firm's quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. Research analysts anticipate that Magnolia Oil & Gas Corp will post 2.82 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Mizuho boosted their target price on shares of Magnolia Oil & Gas from $33.00 to $35.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. UBS Group boosted their target price on shares of Magnolia Oil & Gas from $29.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. Zacks Research cut shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. KeyCorp boosted their target price on shares of Magnolia Oil & Gas from $30.00 to $38.00 and gave the company an "overweight" rating in a research report on Thursday, April 2nd. Finally, Weiss Ratings cut shares of Magnolia Oil & Gas from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas has a consensus rating of "Hold" and an average target price of $31.42.

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).

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.