Pacer Advisors Inc. Reduces Holdings in Magnolia Oil & Gas Corp $MGY

Key Points

• Pacer Advisors cut its Magnolia Oil & Gas stake by 98.4% in the first quarter, selling 579,883 shares and retaining 9,603 shares valued at approximately $303,000. Institutional investors collectively own 94.73% of MGY.
• Analyst sentiment remains moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $31.17; Truist and Mizuho recently upgraded the stock.
• Magnolia exceeded quarterly expectations, reporting $0.99 in EPS and $478.81 million in revenue, while revenue rose 50.1% year over year. The company also increased its quarterly dividend to $0.18 per share, implying a 2.8% yield.

Pacer Advisors Inc. reduced its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 98.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,603 shares of the company's stock after selling 579,883 shares during the quarter. Pacer Advisors Inc.'s holdings in Magnolia Oil & Gas were worth $303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Foster Victor Wealth Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 9.2% in the 4th quarter. Foster Victor Wealth Advisors LLC now owns 417,192 shares of the company's stock valued at $9,429,000 after purchasing an additional 35,223 shares during the last quarter. Bessemer Group Inc. grew its stake in Magnolia Oil & Gas by 22.4% during the 4th quarter. Bessemer Group Inc. now owns 1,116,993 shares of the company's stock worth $24,452,000 after buying an additional 204,467 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in Magnolia Oil & Gas by 210.5% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 414,817 shares of the company's stock worth $9,080,000 after buying an additional 281,234 shares during the last quarter. TD Asset Management Inc increased its position in Magnolia Oil & Gas by 26.6% during the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock worth $124,156,000 after buying an additional 1,193,458 shares during the period. Finally, Y Intercept Hong Kong Ltd increased its position in Magnolia Oil & Gas by 481.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 153,445 shares of the company's stock worth $4,844,000 after buying an additional 127,077 shares during the period. 94.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on MGY. Truist Financial raised Magnolia Oil & Gas from a "hold" rating to a "buy" rating and increased their price objective for the company from $32.00 to $33.00 in a report on Tuesday, July 28th. Wells Fargo & Company cut their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 13th. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Mizuho upgraded shares of Magnolia Oil & Gas to a "strong-buy" rating in a research note on Friday, July 31st. Finally, Wall Street Zen raised shares of Magnolia Oil & Gas from a "hold" rating to a "buy" rating in a research report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of "Moderate Buy" and an average target price of $31.17.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David M. Khani purchased 8,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director directly owned 30,622 shares of the company's stock, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.92% of the stock is owned by corporate insiders.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $26.07 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58. The business has a 50 day simple moving average of $26.12 and a 200-day simple moving average of $27.67. Magnolia Oil & Gas Corp has a 12 month low of $21.07 and a 12 month high of $32.76. The stock has a market capitalization of $4.82 billion, a PE ratio of 11.43 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company had revenue of $478.81 million for the quarter, compared to analysts' expectations of $458.10 million. During the same period in the previous year, the company posted $0.41 EPS. Magnolia Oil & Gas's revenue was up 50.1% compared to the same quarter last year. Equities analysts predict that Magnolia Oil & Gas Corp will post 2.8 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. This is a positive change from Magnolia Oil & Gas's previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 10th. Magnolia Oil & Gas's dividend payout ratio (DPR) is presently 31.58%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp NYSE: MGY is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company's core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).

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