American Century Companies Inc. Purchases 562,223 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• American Century Companies Inc. increased its stake in Magnolia Oil & Gas Corp by 5.7%, acquiring 562,223 additional shares, bringing its total ownership to over 10.5 million shares valued at approximately $265 million.
• Magnolia Oil & Gas recently reported earnings of $0.43 per share, surpassing analyst expectations, though revenue decreased by 5.3% year-over-year to $318.98 million.
• The company declared a quarterly dividend of $0.15 per share, reflecting a 2.5% yield and a payout ratio of 31.41% scheduled to be paid on September 2nd.

American Century Companies Inc. boosted its holdings in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,502,353 shares of the company's stock after purchasing an additional 562,223 shares during the quarter. American Century Companies Inc. owned about 5.41% of Magnolia Oil & Gas worth $265,289,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Aberdeen Group plc grew its position in Magnolia Oil & Gas by 14.0% in the 1st quarter. Aberdeen Group plc now owns 620,731 shares of the company's stock valued at $15,680,000 after purchasing an additional 76,445 shares during the period. Dimensional Fund Advisors LP grew its position in Magnolia Oil & Gas by 12.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,365,892 shares of the company's stock valued at $135,541,000 after purchasing an additional 597,845 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. grew its position in Magnolia Oil & Gas by 74.4% in the 1st quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 68,000 shares of the company's stock valued at $1,718,000 after purchasing an additional 29,000 shares during the period. Russell Investments Group Ltd. grew its position in Magnolia Oil & Gas by 38.5% in the 1st quarter. Russell Investments Group Ltd. now owns 284,285 shares of the company's stock valued at $7,181,000 after purchasing an additional 79,075 shares during the period. Finally, HighTower Advisors LLC grew its position in Magnolia Oil & Gas by 4.9% in the 1st quarter. HighTower Advisors LLC now owns 15,852 shares of the company's stock valued at $400,000 after purchasing an additional 746 shares during the period. Institutional investors and hedge funds own 94.73% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a research report on Monday, June 16th. Bank of America lifted their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Susquehanna cut their price objective 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. Piper Sandler lifted their price objective on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Citigroup reaffirmed a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $26.67.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY traded down $0.0560 during midday trading on Wednesday, reaching $23.0440. The company had a trading volume of 221,229 shares, compared to its average volume of 2,651,507. The company's 50 day moving average price is $23.53 and its 200 day moving average price is $22.95. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.20. The stock has a market cap of $4.40 billion, a P/E ratio of 12.09, a P/E/G ratio of 3.01 and a beta of 1.31. Magnolia Oil & Gas Corp has a 52-week low of $19.09 and a 52-week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.03. The company had revenue of $318.98 million for the quarter, compared to the consensus estimate of $311.58 million. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. The firm's quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.51 EPS. As a group, sell-side analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 11th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 11th. Magnolia Oil & Gas's payout ratio is 31.41%.

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.