Magnolia Oil & Gas Corp $MGY Shares Bought by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC significantly increased its stake in Magnolia Oil & Gas Corp by 290.1%, owning 60,355 shares worth $1,408,000 at the end of Q2.
• Magnolia Oil & Gas reported $0.43 earnings per share in its latest quarterly results, exceeding the consensus estimate of $0.40, though its revenue is down 5.3% year-over-year.
• The company declared a quarterly dividend of $0.15, representing an annualized dividend yield of 2.5% with a payout ratio of 31.41%.

Wealth Enhancement Advisory Services LLC raised its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 290.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,355 shares of the company's stock after purchasing an additional 44,885 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Magnolia Oil & Gas were worth $1,408,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MGY. Opal Wealth Advisors LLC purchased a new position in Magnolia Oil & Gas during the 1st quarter worth $30,000. Parallel Advisors LLC grew its stake in shares of Magnolia Oil & Gas by 122.8% during the first quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock worth $58,000 after acquiring an additional 1,272 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Magnolia Oil & Gas by 16.8% during the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock valued at $111,000 after acquiring an additional 629 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Magnolia Oil & Gas by 34.3% during the first quarter. Smartleaf Asset Management LLC now owns 5,072 shares of the company's stock valued at $128,000 after acquiring an additional 1,295 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at approximately $136,000. Hedge funds and other institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Stock Performance

MGY opened at $23.92 on Wednesday. The firm's fifty day simple moving average is $24.07 and its two-hundred day simple moving average is $23.14. Magnolia Oil & Gas Corp has a 52-week low of $19.09 and a 52-week high of $29.02. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 3.17 and a beta of 1.33. 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 (NYSE:MGY - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $318.98 million during the quarter, compared to the consensus estimate of $311.58 million. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. The company's revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 EPS. Equities analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 11th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. Magnolia Oil & Gas's payout ratio is currently 31.41%.

Analysts Set New Price Targets

MGY has been the topic of several research analyst reports. Mizuho dropped their target price on shares of Magnolia Oil & Gas from $26.00 to $25.00 and set a "neutral" rating on the stock in a research report on Monday, September 15th. Wells Fargo & Company dropped their price objective on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a report on Monday, June 16th. William Blair initiated coverage on Magnolia Oil & Gas in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. UBS Group restated a "buy" rating and issued a $29.00 target price (up previously from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Finally, Citigroup reaffirmed a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $26.42.

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.

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