Nuveen LLC Invests $21.07 Million in Magnolia Oil & Gas Corp $MGY

Key Points

• Nuveen LLC acquired 833,951 shares of Magnolia Oil & Gas Corp, valued at approximately $21.07 million, increasing its ownership to 0.43% according to a recent 13F filing.
• The company reported earnings of $0.43 per share for the last quarter, surpassing the consensus estimate of $0.40, although revenue was down 5.3% year-over-year.
• Magnolia Oil & Gas announced a quarterly dividend of $0.15 per share, translating to an annualized dividend yield of 2.6%, with a payout ratio of 31.41%.

Nuveen LLC bought a new position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 833,951 shares of the company's stock, valued at approximately $21,066,000. Nuveen LLC owned 0.43% of Magnolia Oil & Gas at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mariner LLC increased its position in Magnolia Oil & Gas by 1.8% during the fourth quarter. Mariner LLC now owns 43,229 shares of the company's stock worth $1,011,000 after acquiring an additional 762 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Magnolia Oil & Gas by 4.8% in 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. Foster Victor Wealth Advisors LLC lifted its position 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 worth $8,511,000 after purchasing an additional 22,402 shares during the period. GF Fund Management CO. LTD. bought a new position in Magnolia Oil & Gas in the fourth quarter worth $1,370,000. Finally, Northern Trust Corp lifted its position in Magnolia Oil & Gas by 7.3% in the fourth quarter. Northern Trust Corp now owns 1,936,398 shares of the company's stock worth $45,273,000 after purchasing an additional 131,941 shares during the period. Institutional investors own 94.73% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Citigroup reaffirmed a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Wells Fargo & Company reduced their target price on 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 raised their target price on Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. UBS Group reissued a "buy" rating and set a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a report on Friday, June 13th. Finally, Piper Sandler lifted their price objective on Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $26.67.

Magnolia Oil & Gas Stock Up 3.7%

Shares of NYSE:MGY traded up $0.8680 during trading on Friday, hitting $24.2280. 2,261,394 shares of the company's stock traded hands, compared to its average volume of 2,399,185. Magnolia Oil & Gas Corp has a 52 week low of $19.09 and a 52 week high of $29.02. 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 company has a market cap of $4.62 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 3.03 and a beta of 1.31. The company has a 50-day moving average price of $23.52 and a 200-day moving average price of $22.95.

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

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 11th will be paid a $0.15 dividend. The ex-dividend date is Monday, August 11th. This represents a $0.60 annualized dividend and a yield of 2.5%. Magnolia Oil & Gas's payout ratio is presently 31.41%.

About Magnolia Oil & Gas

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.