Magnolia Oil & Gas Corp $MGY Stake Increased by Boston Trust Walden Corp

Key Points

• Boston Trust Walden increased its Magnolia Oil & Gas stake by 20.2% in the third quarter, adding 481,513 shares to hold 2.87 million shares, valued at about $67.3 million. Institutional investors and hedge funds collectively own 94.73% of the company.
• Magnolia reported quarterly earnings of $0.71 per share and revenue of $513.9 million, beating analyst estimates of $0.58 and $474.4 million, respectively. Revenue rose 58.2% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $31.53. The company also announced a quarterly dividend of $0.18 per share, equivalent to an annualized yield of 3.1%.

Boston Trust Walden Corp lifted its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 20.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,866,273 shares of the company's stock after purchasing an additional 481,513 shares during the quarter. Boston Trust Walden Corp owned about 1.21% of Magnolia Oil & Gas worth $67,329,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in Magnolia Oil & Gas by 5.9% in the first quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company's stock valued at $221,910,000 after buying an additional 394,419 shares during the period. Janus Henderson Group PLC lifted its position in Magnolia Oil & Gas by 2.8% during the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company's stock valued at $198,248,000 after buying an additional 170,174 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock valued at $197,748,000 after buying an additional 5,560,619 shares in the last quarter. Bank of America Corp DE grew its stake in Magnolia Oil & Gas by 20.5% during the first quarter. Bank of America Corp DE now owns 3,877,361 shares of the company's stock worth $122,408,000 after buying an additional 659,012 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Magnolia Oil & Gas by 43.7% during the first quarter. Renaissance Technologies LLC now owns 1,701,802 shares of the company's stock worth $53,726,000 after buying an additional 517,500 shares during the period. Institutional investors and hedge funds own 94.73% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Mizuho raised shares of Magnolia Oil & Gas to a "strong-buy" rating in a research report on Friday, July 31st. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 13th. Weiss Ratings upgraded shares of Magnolia Oil & Gas from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Susquehanna upped their price target on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a "positive" rating in a research report on Tuesday, August 11th. Finally, Citigroup decreased their price target on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a "neutral" rating for the company in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Magnolia Oil & Gas has a consensus rating of "Moderate Buy" and a consensus target price of $31.53.

More Magnolia Oil & Gas News

Here are the key news stories impacting Magnolia Oil & Gas this week:

• Positive Sentiment: Magnolia reported Q3 earnings of $0.71 per share, above the cited analyst estimate of $0.58 and up from $0.42 a year earlier. Revenue was $513.9 million, exceeding the $474.4 million estimate and rising 58.2% year over year. The earnings and revenue beats may support investor sentiment. Magnolia Oil & Gas Reports Strong Third-Quarter Results
• Neutral Sentiment: The supplied trading snapshot showed shares below their 50- and 200-day moving averages before the results were released. The articles provide no specific explanation for that earlier decline; the earnings news came afterward. Magnolia Oil & Gas Q3 and Nine-Month Results

Magnolia Oil & Gas Price Performance

MGY stock opened at $23.32 on Thursday. The firm has a market cap of $5.53 billion, a P/E ratio of 10.23 and a beta of 0.72. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76. The stock has a 50-day simple moving average of $25.55 and a 200-day simple moving average of $27.03.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.58 by $0.13. The firm had revenue of $513.89 million for the quarter, compared to analyst estimates of $474.39 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. Magnolia Oil & Gas's revenue for the quarter was up 58.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 EPS. On average, equities analysts predict that Magnolia Oil & Gas Corp will post 2.83 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 10th will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $0.72 annualized dividend and a yield of 3.1%. Magnolia Oil & Gas's dividend payout ratio (DPR) is 31.58%.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David Khani acquired 8,000 shares of the company's stock in a transaction dated Friday, August 7th. The shares were bought at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the purchase, the director directly owned 30,622 shares of the company's stock, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.92% of the stock is owned by company insiders.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation NYSE: MGY is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.

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