Invesco Ltd. Buys 45,705 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Invesco Ltd. increased its holdings in Magnolia Oil & Gas by 4.8%, owning 1,006,049 shares valued at $25.4 million as of the end of the last quarter.
• Several large investors, including LPL Financial LLC and Dimensional Fund Advisors LP, also boosted their stakes in Magnolia Oil & Gas, indicating strong institutional interest.
• The stock has a consensus rating of "Hold" with an average target price of $26.67, while recent earnings results showed an EPS of $0.43, beating analysts' expectations.

Invesco Ltd. raised its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 4.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,006,049 shares of the company's stock after acquiring an additional 45,705 shares during the quarter. Invesco Ltd. owned approximately 0.52% of Magnolia Oil & Gas worth $25,413,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at approximately $30,000. Quarry LP boosted its stake in Magnolia Oil & Gas by 1,047.8% in the 4th quarter. Quarry LP now owns 2,135 shares of the company's stock worth $50,000 after purchasing an additional 1,949 shares during the period. Parallel Advisors LLC boosted its stake in Magnolia Oil & Gas by 122.8% in the 1st quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock worth $58,000 after purchasing an additional 1,272 shares during the period. Farther Finance Advisors LLC boosted its stake in Magnolia Oil & Gas by 16.8% in the 1st quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock worth $111,000 after purchasing an additional 629 shares during the period. Finally, Pacer Advisors Inc. bought a new position in Magnolia Oil & Gas in the 1st quarter worth approximately $136,000. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Trading Down 1.0%

NYSE MGY traded down $0.23 during trading hours on Tuesday, hitting $24.14. 2,996,033 shares of the company were exchanged, compared to its average volume of 2,386,138. The stock has a 50-day moving average price of $23.52 and a 200 day moving average price of $22.96. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas Corp has a 52 week low of $19.09 and a 52 week high of $29.02. The stock has a market cap of $4.61 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 3.16 and a beta of 1.31.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.The company had revenue of $318.98 million for the quarter, compared to analysts' expectations of $311.58 million. During the same period in the previous year, the firm posted $0.51 earnings per share. The firm's revenue for the quarter was down 5.3% on a year-over-year basis. Analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 11th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, August 11th. Magnolia Oil & Gas's payout ratio is presently 31.41%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGY. Citigroup restated a "sell" rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 10th. UBS Group restated a "buy" rating and set a $29.00 price objective (up previously from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Wells Fargo & Company cut their price objective on Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a research report on Monday, June 16th. Piper Sandler raised their price objective on Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Bank of America raised their price objective on Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas has an average rating of "Hold" and an average price target of $26.67.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.