Principal Financial Group Inc. Buys 119,127 Shares of Magnolia Oil & Gas Corp (NYSE:MGY)

Principal Financial Group Inc. raised its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 5.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,427,952 shares of the company's stock after purchasing an additional 119,127 shares during the quarter. Principal Financial Group Inc. owned 1.25% of Magnolia Oil & Gas worth $61,330,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGY. First Trust Advisors LP lifted its position in Magnolia Oil & Gas by 24.6% in the fourth quarter. First Trust Advisors LP now owns 15,410,496 shares of the company's stock valued at $360,297,000 after purchasing an additional 3,038,709 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Magnolia Oil & Gas by 11.7% during the fourth quarter. Janus Henderson Group PLC now owns 6,396,875 shares of the company's stock valued at $149,559,000 after acquiring an additional 667,973 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Magnolia Oil & Gas during the fourth quarter valued at approximately $13,634,000. Renaissance Technologies LLC raised its holdings in shares of Magnolia Oil & Gas by 910.5% during the fourth quarter. Renaissance Technologies LLC now owns 541,400 shares of the company's stock valued at $12,658,000 after acquiring an additional 487,820 shares in the last quarter. Finally, Wasatch Advisors LP raised its holdings in shares of Magnolia Oil & Gas by 21.2% during the fourth quarter. Wasatch Advisors LP now owns 2,773,828 shares of the company's stock valued at $64,852,000 after acquiring an additional 484,683 shares in the last quarter. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Stock Performance

Shares of Magnolia Oil & Gas stock traded up $1.14 during trading on Tuesday, hitting $23.64. 3,454,528 shares of the company's stock traded hands, compared to its average volume of 2,369,092. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.33 and a quick ratio of 1.33. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $29.02. The stock has a market capitalization of $4.55 billion, a P/E ratio of 11.76, a PEG ratio of 3.05 and a beta of 1.28. The business has a 50-day simple moving average of $22.60 and a 200-day simple moving average of $23.16.

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

Magnolia Oil & Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 12th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.54%. Magnolia Oil & Gas's dividend payout ratio (DPR) is presently 29.85%.

Analysts Set New Price Targets

MGY has been the subject of a number of recent analyst reports. Bank of America upped their target price on Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a "neutral" rating in a report on Friday, May 23rd. Citigroup decreased their target price on Magnolia Oil & Gas from $22.00 to $19.00 and set a "sell" rating for the company in a report on Tuesday, April 8th. Susquehanna reduced their price target on Magnolia Oil & Gas from $31.00 to $30.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price target on Magnolia Oil & Gas from $28.00 to $24.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, Wells Fargo & Company reduced their price target on Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a research note on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned 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 $27.00.

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.