Magnolia Oil & Gas Corp $MGY Stake Lifted by TD Asset Management Inc

Key Points

• TD Asset Management increased its stake in Magnolia Oil & Gas by 26.6% in the fourth quarter, ending with 5.67 million shares valued at about $124.2 million.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a consensus target price of $31.42, though several firms recently raised price targets.
• Magnolia posted solid results, with Q1 EPS of $0.54 topping estimates and revenue of $358.5 million; the company also paid a quarterly dividend of $0.165, implying a 2.3% yield.

TD Asset Management Inc increased its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 26.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,671,819 shares of the company's stock after acquiring an additional 1,193,458 shares during the period. TD Asset Management Inc owned approximately 3.01% of Magnolia Oil & Gas worth $124,156,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Salomon & Ludwin LLC boosted its holdings in shares of 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 boosted its holdings 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 valued at $31,000 after acquiring an additional 864 shares in the last quarter. Torren Management LLC bought a new stake in Magnolia Oil & Gas during the fourth quarter worth approximately $38,000. First Horizon Corp boosted its holdings in Magnolia Oil & Gas by 159.8% during the fourth quarter. First Horizon Corp now owns 1,889 shares of the company's stock worth $41,000 after buying an additional 1,162 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Magnolia Oil & Gas by 90.5% during the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company's stock worth $50,000 after buying an additional 1,051 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MGY has been the subject of a number of research reports. Piper Sandler raised their target price on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a "neutral" rating in a report on Thursday, March 12th. Weiss Ratings cut shares of Magnolia Oil & Gas from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Truist Financial raised their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a "hold" rating in a report on Monday, April 27th. KeyCorp raised their target price on shares of Magnolia Oil & Gas from $30.00 to $38.00 and gave the stock an "overweight" rating in a report on Thursday, April 2nd. Finally, Roth Mkm restated a "neutral" rating and set a $32.00 target price (up from $29.00) on shares of Magnolia Oil & Gas in a report on Wednesday, April 8th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $31.42.

Insider Transactions at Magnolia Oil & Gas

In other news, Director Edward P. Djerejian sold 18,000 shares of the company's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $28.98, for a total value of $521,640.00. Following the transaction, the director owned 110,425 shares in the company, valued at $3,200,116.50. This represents a 14.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Corales sold 33,000 shares of the company's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.12, for a total value of $960,960.00. Following the completion of the transaction, the chief financial officer owned 184,178 shares in the company, valued at $5,363,263.36. This represents a 15.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 338,954 shares of company stock worth $9,911,733. 0.92% of the stock is currently owned by insiders.

Magnolia Oil & Gas Trading Up 1.0%

Magnolia Oil & Gas stock opened at $28.25 on Friday. The company has a 50 day moving average price of $29.40 and a 200 day moving average price of $26.46. Magnolia Oil & Gas Corp has a 52 week low of $21.07 and a 52 week high of $32.76. 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 firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 16.43 and a beta of 0.71.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The firm had revenue of $358.51 million during the quarter, compared to analyst estimates of $349.89 million. During the same quarter last year, the business posted $0.54 EPS. The company's revenue was up 2.3% on a year-over-year basis. Research analysts forecast that Magnolia Oil & Gas Corp will post 2.85 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were paid a $0.165 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a yield of 2.3%. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 38.37%.

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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