Magnolia Oil & Gas Corp $MGY Shares Sold by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund cut its stake in Magnolia Oil & Gas by 67.3% in the first quarter, selling 182,309 shares and leaving it with 88,583 shares worth about $2.8 million.
• Magnolia Oil & Gas reported better-than-expected Q1 earnings, posting EPS of $0.54 versus the $0.51 estimate and revenue of $358.5 million, up 2.3% year over year.
• The company paid a quarterly dividend of $0.165 per share, implying an annualized yield of about 2.4%; analysts currently rate the stock a consensus “Hold” with a target price of $31.08.

Illinois Municipal Retirement Fund lessened its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 67.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,583 shares of the company's stock after selling 182,309 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Magnolia Oil & Gas were worth $2,797,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MGY. Valued Wealth Advisors LLC acquired a new stake in Magnolia Oil & Gas during the 1st quarter worth $29,000. Salomon & Ludwin LLC boosted its stake in Magnolia Oil & Gas by 130.1% in the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company's stock valued at $29,000 after acquiring an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 165.5% during 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 purchased a new position in shares of Magnolia Oil & Gas during the fourth quarter worth about $38,000. Finally, Parallel Advisors LLC increased its position in shares of Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company's stock worth $39,000 after purchasing an additional 785 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Magnolia Oil & Gas Stock Up 0.0%

Shares of NYSE:MGY opened at $27.27 on Monday. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.19. The firm's 50-day simple moving average is $27.36 and its 200-day simple moving average is $27.34. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 15.85 and a beta of 0.70.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm 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 revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. As a group, equities research analysts predict that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MGY shares. Truist Financial decreased their target price on Magnolia Oil & Gas from $34.00 to $32.00 and set a "hold" rating for the company in a research report on Tuesday, July 7th. UBS Group cut their price target on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Mizuho boosted their price objective on Magnolia Oil & Gas from $33.00 to $35.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Wells Fargo & Company reduced their price objective on Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 13th. Finally, Zacks Research downgraded Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Eight analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $31.08.

About Magnolia Oil & Gas

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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