Millennium Management LLC Buys 854,113 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Millennium Management LLC significantly increased its holdings in Magnolia Oil & Gas by 506.2%, now owning over 1 million shares worth approximately $25.8 million.
• The company reported an EPS of $0.43 for the last quarter, exceeding analysts' expectations of $0.40, although revenues were down 5.3% year-over-year.
• Magnolia Oil & Gas recently announced a quarterly dividend of $0.15, resulting in an annualized yield of 2.5%.

Millennium Management LLC lifted its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 506.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,022,836 shares of the company's stock after buying an additional 854,113 shares during the quarter. Millennium Management LLC owned approximately 0.53% of Magnolia Oil & Gas worth $25,837,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Magnolia Oil & Gas by 4.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,470 shares of the company's stock worth $391,000 after acquiring an additional 715 shares during the last quarter. Foster Victor Wealth Advisors LLC boosted its stake in Magnolia Oil & Gas by 7.1% in the first quarter. Foster Victor Wealth Advisors LLC now owns 336,917 shares of the company's stock valued at $8,511,000 after acquiring an additional 22,402 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in Magnolia Oil & Gas during the 4th quarter worth $1,370,000. Jane Street Group LLC lifted its holdings in shares of Magnolia Oil & Gas by 1,382.9% during the first quarter. Jane Street Group LLC now owns 1,059,335 shares of the company's stock worth $26,759,000 after purchasing an additional 987,896 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of Magnolia Oil & Gas by 4.4% in the 1st quarter. Bessemer Group Inc. now owns 836,386 shares of the company's stock valued at $21,127,000 after buying an additional 35,575 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MGY. Citigroup reissued a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Wells Fargo & Company decreased their price objective on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a report on Monday, June 16th. Mizuho decreased their price target on shares of Magnolia Oil & Gas from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Monday. UBS Group reissued a "buy" rating and set a $29.00 price target (up previously from $26.00) on shares of Magnolia Oil & Gas in a report on Friday, June 13th. Finally, Piper Sandler upped 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. Four analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $26.42.

Magnolia Oil & Gas Trading Up 0.2%

Shares of Magnolia Oil & Gas stock traded up $0.04 on Wednesday, hitting $24.65. The stock had a trading volume of 284,979 shares, compared to its average volume of 2,598,453. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.20. The stock's 50-day simple moving average is $23.82 and its two-hundred day simple moving average is $23.03. Magnolia Oil & Gas Corp has a one year low of $19.09 and a one year high of $29.02. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 3.12 and a beta of 1.33.

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

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 11th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Monday, August 11th. Magnolia Oil & Gas's dividend payout ratio (DPR) 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.