Magnolia Oil & Gas Corp $MGY Stock: Allspring Global Investments Holdings LLC Trims Position

Key Points

• Allspring Global Investments cut its Magnolia Oil & Gas stake by 47% in the third quarter, selling 1.25 million shares and retaining about 1.41 million shares, valued at $34 million.
• Magnolia beat quarterly forecasts, reporting EPS of $0.71 versus $0.58 expected and revenue of $513.9 million, up 58.2% year over year. It also declared a quarterly dividend of $0.18 per share.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $31.39; shares opened at $23.77 in the article’s reported session.

Allspring Global Investments Holdings LLC decreased its position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 47.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,412,830 shares of the company's stock after selling 1,254,306 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.60% of Magnolia Oil & Gas worth $34,007,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Pictet Asset Management Holding SA increased its holdings in Magnolia Oil & Gas by 28.9% during the third quarter. Pictet Asset Management Holding SA now owns 36,260 shares of the company's stock valued at $852,000 after buying an additional 8,131 shares during the last quarter. CenterBook Partners LP purchased a new position in shares of Magnolia Oil & Gas during the third quarter valued at $567,000. Kestra Advisory Services LLC bought a new stake in shares of Magnolia Oil & Gas in the 3rd quarter valued at about $242,000. Conestoga Capital Advisors LLC increased its position in shares of Magnolia Oil & Gas by 4.6% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 978,785 shares of the company's stock valued at $22,992,000 after acquiring an additional 43,180 shares during the period. Finally, Boston Trust Walden Corp grew its position in Magnolia Oil & Gas by 20.2% during the 3rd quarter. Boston Trust Walden Corp now owns 2,866,273 shares of the company's stock worth $67,329,000 after purchasing an additional 481,513 shares during the period. Hedge funds and other institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $23.77 on Thursday. Magnolia Oil & Gas Corp has a 1-year low of $21.07 and a 1-year high of $32.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.51 and a quick ratio of 0.51. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 8.80 and a beta of 0.72. The business has a 50-day moving average of $25.21 and a 200-day moving average of $27.03.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.13. Magnolia Oil & Gas had a return on equity of 19.90% and a net margin of 25.82%. The business had revenue of $513.89 million for the quarter, compared to analyst estimates of $474.39 million. During the same period in the previous year, the company earned $0.42 earnings per share. The company's revenue for the quarter was up 58.2% compared to the same quarter last year. On average, equities analysts anticipate that Magnolia Oil & Gas Corp will post 2.99 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 10th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, November 10th. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 32.29%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MGY shares. JPMorgan Chase & Co. upgraded Magnolia Oil & Gas from a "neutral" rating to an "overweight" rating and upped their price target for the company from $32.00 to $33.00 in a research report on Tuesday, September 8th. Truist Financial reiterated a "buy" rating and set a $37.00 target price (up from $35.00) on shares of Magnolia Oil & Gas in a research note on Friday, November 6th. Wall Street Zen lowered shares of Magnolia Oil & Gas from a "buy" rating to a "hold" rating in a research note on Sunday. Wells Fargo & Company reduced their target price on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set an "equal weight" rating for the company in a report on Friday, November 6th. Finally, Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $31.39.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation is an independent exploration and production company focused on developing oil and natural gas resources in South Texas. Its operations target the Eagle Ford Shale and Austin Chalk formations. The company's assets are concentrated in the Karnes and Giddings areas. Its production includes crude oil, natural gas and natural gas liquids. Magnolia was established in 2018 through a business combination with TPG Pace Holdings. It is headquartered in Houston, Texas.

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