Magnolia Oil & Gas Corp (NYSE:MGY) Shares Acquired by Valley Wealth Managers Inc.

Key Points

• Valley Wealth Managers Inc. increased its stake in Magnolia Oil & Gas Corp by 5.1% during the first quarter, owning approximately 0.37% of the company valued at $18.1 million.
• Magnolia Oil & Gas reported earnings of $0.55 per share, exceeding analyst expectations of $0.53, and its revenue increased 9.7% year-over-year to $350.3 million.
• The company declared a quarterly dividend of $0.15, related to a 2.53% dividend yield, with an annual payout ratio of 29.85%.

Valley Wealth Managers Inc. lifted its position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 5.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 716,547 shares of the company's stock after purchasing an additional 34,523 shares during the quarter. Valley Wealth Managers Inc. owned about 0.37% of Magnolia Oil & Gas worth $18,100,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. HB Wealth Management LLC purchased a new position in shares of Magnolia Oil & Gas during the 1st quarter valued at about $232,000. Pacer Advisors Inc. purchased a new stake in shares of Magnolia Oil & Gas in the first quarter worth about $136,000. Cetera Investment Advisers grew its holdings in Magnolia Oil & Gas by 17.3% during the first quarter. Cetera Investment Advisers now owns 12,727 shares of the company's stock worth $321,000 after acquiring an additional 1,875 shares during the period. Wakefield Asset Management LLLP purchased a new position in Magnolia Oil & Gas during the first quarter valued at approximately $1,110,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Magnolia Oil & Gas in the first quarter valued at approximately $5,774,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Stock Performance

MGY opened at $23.75 on Friday. The firm's fifty day simple moving average is $23.00 and its two-hundred day simple moving average is $23.16. Magnolia Oil & Gas Corp has a 52-week low of $19.09 and a 52-week high of $29.02. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 3.13 and a beta of 1.28. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.02. Magnolia Oil & Gas had a net margin of 28.50% and a return on equity of 20.73%. The firm had revenue of $350.30 million for the quarter, compared to analyst estimates of $337.83 million. During the same period last year, the company posted $0.46 EPS. Magnolia Oil & Gas's quarterly revenue was up 9.7% compared to the same quarter last year. Equities analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 12th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.53%. Magnolia Oil & Gas's dividend payout ratio (DPR) is presently 29.85%.

Analysts Set New Price Targets

Several research firms have commented on MGY. Wells Fargo & Company lowered their price objective on Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a research report on Monday, June 16th. Susquehanna lowered their price target on shares of Magnolia Oil & Gas from $31.00 to $30.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. UBS Group restated a "buy" rating and set a $29.00 price target (up previously from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Bank of America upped their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Finally, Piper Sandler increased their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of "Hold" and an average target price of $26.67.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.

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