Magnolia Oil & Gas Corp $MGY Shares Bought by Millennium Management LLC

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 boosted its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 506.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,022,836 shares of the company's stock after buying an additional 854,113 shares during the period. Millennium Management LLC owned 0.53% of Magnolia Oil & Gas worth $25,837,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MGY. State of Wyoming boosted its position in shares of Magnolia Oil & Gas by 8.2% during the 1st quarter. State of Wyoming now owns 5,777 shares of the company's stock valued at $146,000 after acquiring an additional 440 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Magnolia Oil & Gas by 16.8% during the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock worth $111,000 after purchasing an additional 629 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Magnolia Oil & Gas by 4.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,470 shares of the company's stock worth $391,000 after purchasing an additional 715 shares during the period. HighTower Advisors LLC boosted its holdings 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 last quarter. Finally, Xponance Inc. grew its stake in shares of Magnolia Oil & Gas by 6.1% in the 1st quarter. Xponance Inc. now owns 13,051 shares of the company's stock valued at $330,000 after buying an additional 752 shares during the period. 94.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGY has been the topic of several analyst reports. Wells Fargo & Company reduced their price target on shares of 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. Citigroup reaffirmed a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Piper Sandler lifted their price target on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. William Blair began coverage on shares of Magnolia Oil & Gas in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Finally, Mizuho lowered their price objective on shares of Magnolia Oil & Gas from $26.00 to $25.00 and set a "neutral" rating for the company in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $26.42.

Magnolia Oil & Gas Stock Up 3.1%

Shares of NYSE MGY traded up $0.75 during midday trading on Tuesday, hitting $24.42. 886,603 shares of the company's stock were exchanged, compared to its average volume of 2,602,896. The firm's fifty day simple moving average is $23.80 and its 200-day simple moving average is $23.02. The company has a market cap of $4.66 billion, a PE ratio of 12.82, a P/E/G ratio of 3.14 and a beta of 1.33. Magnolia Oil & Gas Corp has a twelve month low of $19.09 and a twelve month high of $29.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.44 and a quick ratio of 1.44.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.40 by $0.03. The company had revenue of $318.98 million for the quarter, compared to analyst estimates 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 revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.51 earnings per share. Research analysts predict that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 11th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. Magnolia Oil & Gas's payout ratio is 31.41%.

Magnolia Oil & Gas Company 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.