Magnolia Oil & Gas Corp $MGY Stock: Fort Washington Investment Advisors Inc. OH Boosts Holdings

Key Points

• Fort Washington Investment Advisors nearly doubled its Magnolia Oil & Gas stake in the third quarter, adding 840,275 shares to own 1.71 million shares, or 0.72% of the company. Institutional investors and hedge funds collectively own 94.73% of MGY.
• Magnolia reported quarterly earnings of $0.99 per share, beating estimates of $0.93, while revenue rose 50.1% year over year to $478.81 million. The company also increased its quarterly dividend to $0.18 per share, implying a 2.9% yield.
• Analyst sentiment is positive, with a consensus “Moderate Buy” rating and an average price target of $31.47 versus the stock’s reported $24.86 opening price.

Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 96.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,711,173 shares of the company's stock after acquiring an additional 840,275 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned 0.72% of Magnolia Oil & Gas worth $40,195,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Central Pacific Bank Trust Division raised its holdings in Magnolia Oil & Gas by 96.4% in the third quarter. Central Pacific Bank Trust Division now owns 11,430 shares of the company's stock valued at $268,000 after acquiring an additional 5,610 shares in the last quarter. Tidal Investments LLC grew its holdings in Magnolia Oil & Gas by 34.3% during the 2nd quarter. Tidal Investments LLC now owns 93,383 shares of the company's stock worth $2,389,000 after acquiring an additional 23,833 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Magnolia Oil & Gas in the 2nd quarter valued at approximately $72,000. IFP Advisors Inc increased its position in shares of Magnolia Oil & Gas by 12.2% in the 2nd quarter. IFP Advisors Inc now owns 9,180 shares of the company's stock valued at $235,000 after purchasing an additional 999 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of Magnolia Oil & Gas by 11.0% in the 2nd quarter. Allworth Financial LP now owns 5,760 shares of the company's stock valued at $147,000 after purchasing an additional 571 shares during the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $24.86 on Thursday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock has a 50 day simple moving average of $25.86 and a 200-day simple moving average of $27.10. The company has a market cap of $5.89 billion, a price-to-earnings ratio of 10.91 and a beta of 0.80. Magnolia Oil & Gas Corp has a 12-month low of $21.07 and a 12-month high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million for the quarter, compared to analysts' expectations of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The business's revenue for the quarter was up 50.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. On average, equities analysts forecast that Magnolia Oil & Gas Corp will post 2.75 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th were paid a dividend of $0.18 per share. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.1650. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.72 annualized dividend and a dividend yield of 2.9%. Magnolia Oil & Gas's dividend payout ratio is presently 31.58%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MGY shares. Seaport Research Partners initiated coverage on shares of Magnolia Oil & Gas in a research report on Thursday, September 3rd. They set a "neutral" rating for the company. UBS Group restated a "buy" rating on shares of Magnolia Oil & Gas in a research report on Friday, October 9th. Zacks Research upgraded shares of Magnolia Oil & Gas from a "hold" rating to a "strong-buy" rating in a report on Monday, September 14th. Truist Financial boosted their price target on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a "buy" rating in a research report on Friday, October 2nd. Finally, Scotiabank initiated coverage on Magnolia Oil & Gas in a report on Wednesday. They issued an "outperform" rating and a $31.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $31.47.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director David Khani acquired 8,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the transaction, the director directly owned 30,622 shares of the company's stock, valued at approximately $765,550. This represents a 35.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.92% of the stock is owned by corporate insiders.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corporation is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and production of crude oil, natural gas and natural gas liquids.

Magnolia's operations are concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas, including its Karnes and Giddings areas. Its production activities are supported by established infrastructure and involve the development of unconventional oil and gas resources.

The company was formed in 2017 through a business combination involving TPG Pace Energy Holdings Corp.

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