Magnolia Oil & Gas Corp $MGY Shares Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its stake in Magnolia Oil & Gas by 14.0%, now owning over 2 million shares valued at approximately $51 million.
• Magnolia Oil & Gas reported earnings of $0.43 per share for the last quarter, exceeding expectations and achieving a net margin of 27.57%.
• The company announced a quarterly dividend of $0.15 per share, offering a 2.4% yield based on its current stock price.

The Manufacturers Life Insurance Company grew its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 14.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,026,672 shares of the company's stock after acquiring an additional 248,951 shares during the period. The Manufacturers Life Insurance Company owned about 1.04% of Magnolia Oil & Gas worth $51,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State of Wyoming increased its holdings in Magnolia Oil & Gas by 8.2% during the first quarter. State of Wyoming now owns 5,777 shares of the company's stock valued at $146,000 after buying an additional 440 shares during the period. Trexquant Investment LP grew its holdings in shares of Magnolia Oil & Gas by 246.7% during the first quarter. Trexquant Investment LP now owns 291,615 shares of the company's stock valued at $7,366,000 after buying an additional 207,494 shares during the last quarter. Eisler Capital Management Ltd. purchased a new stake in shares of Magnolia Oil & Gas during the first quarter valued at $475,000. Keeley Teton Advisors LLC lifted its position in Magnolia Oil & Gas by 36.4% during the first quarter. Keeley Teton Advisors LLC now owns 47,556 shares of the company's stock valued at $1,201,000 after purchasing an additional 12,687 shares during the period. Finally, Jane Street Group LLC lifted its position in Magnolia Oil & Gas by 1,382.9% during the first quarter. Jane Street Group LLC now owns 1,059,335 shares of the company's stock valued at $26,759,000 after purchasing an additional 987,896 shares during the period. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Price Performance

Shares of MGY stock traded down $1.15 on Wednesday, reaching $24.09. 2,845,891 shares of the company were exchanged, compared to its average volume of 1,999,767. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $29.02. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 3.28 and a beta of 1.33. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.44 and a current ratio of 1.44. The business has a 50-day moving average price of $23.66 and a 200 day moving average price of $23.02.

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

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 11th were 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 was Monday, August 11th. Magnolia Oil & Gas's dividend payout ratio is currently 31.41%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America upped their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Citigroup reiterated a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Wells Fargo & Company decreased their price objective on shares of 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. William Blair assumed coverage on shares of Magnolia Oil & Gas in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Finally, Piper Sandler upped their price objective on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $26.67.

Magnolia Oil & Gas 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.