Magnolia Oil & Gas Corp $MGY Shares Sold by Empowered Funds LLC

Key Points

• Empowered Funds LLC reduced its Magnolia Oil & Gas stake by 46.2% in the first quarter, selling 67,503 shares and retaining 78,683 shares valued at approximately $2.48 million. Institutional investors collectively own 94.73% of the company.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $31.50; targets range from $29 to $36.
• Magnolia exceeded quarterly expectations, reporting $0.99 in earnings per share and $478.81 million in revenue, up 50.1% year over year. The company also raised its quarterly dividend to $0.18 per share, implying a 3.0% annualized yield.

Empowered Funds LLC lessened its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 46.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 78,683 shares of the company's stock after selling 67,503 shares during the period. Empowered Funds LLC's holdings in Magnolia Oil & Gas were worth $2,484,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Salomon & Ludwin LLC lifted its position in Magnolia Oil & Gas by 130.1% during the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company's stock worth $29,000 after acquiring an additional 760 shares during the period. Valued Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the first quarter valued at about $29,000. EverSource Wealth Advisors LLC raised its stake in shares of Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company's stock worth $31,000 after purchasing an additional 864 shares during the last quarter. Torren Management LLC acquired a new stake in shares of Magnolia Oil & Gas during the fourth quarter worth about $38,000. Finally, Parallel Advisors LLC boosted its position in Magnolia Oil & Gas by 79.8% in the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company's stock valued at $39,000 after buying an additional 785 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on MGY. Susquehanna lifted their price objective on shares of Magnolia Oil & Gas from $35.00 to $36.00 and gave the company a "positive" rating in a research note on Tuesday, July 21st. Truist Financial upgraded shares of Magnolia Oil & Gas from a "hold" rating to a "buy" rating and boosted their target price for the company from $32.00 to $33.00 in a research report on Tuesday, July 28th. Roth Capital cut their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. KeyCorp reissued an "overweight" rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. Finally, Wells Fargo & Company lowered their target price on Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, Magnolia Oil & Gas has an average rating of "Moderate Buy" and a consensus price target of $31.50.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $23.73 on Thursday. The company has a market capitalization of $4.39 billion, a PE ratio of 13.80 and a beta of 0.72. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10. The company's fifty day moving average price is $26.29 and its 200 day moving average price is $27.60. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company had revenue of $478.81 million during the quarter, compared to analysts' expectations of $458.10 million. During the same quarter in the previous year, the company earned $0.41 earnings per share. The firm's revenue for the quarter was up 50.1% on a year-over-year basis. On average, research analysts predict that Magnolia Oil & Gas Corp will post 2.76 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be given a dividend of $0.18 per share. This is a positive change from Magnolia Oil & Gas's previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 10th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. Magnolia Oil & Gas's payout ratio is 38.37%.

Magnolia Oil & Gas Company 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).

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