Peirce Capital Management LLC Invests $264,000 in Magnolia Oil & Gas Corp $MGY

Key Points

• Peirce Capital Management LLC invested $264,000 in Magnolia Oil & Gas Corp, acquiring 11,731 shares of the company during the second quarter.
• Magnolia Oil & Gas announced a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 2.5%.
• The company reported earnings of $0.43 per share for the last quarter, beating analyst expectations and showing a year-over-year revenue decline of 5.3%.

Peirce Capital Management LLC bought a new position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 11,731 shares of the company's stock, valued at approximately $264,000.

Several other large investors also recently modified their holdings of MGY. Encompass Capital Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth $53,819,000. Jane Street Group LLC lifted its position in shares of Magnolia Oil & Gas by 1,382.9% during the 1st quarter. Jane Street Group LLC now owns 1,059,335 shares of the company's stock worth $26,759,000 after buying an additional 987,896 shares during the last quarter. Millennium Management LLC lifted its position in shares of Magnolia Oil & Gas by 506.2% during the 1st quarter. Millennium Management LLC now owns 1,022,836 shares of the company's stock worth $25,837,000 after buying an additional 854,113 shares during the last quarter. Nuveen LLC bought a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth $21,066,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Magnolia Oil & Gas by 12.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,365,892 shares of the company's stock worth $135,541,000 after buying an additional 597,845 shares during the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $23.81 on Monday. 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 capitalization of $4.54 billion, a PE ratio of 12.46, a P/E/G ratio of 3.14 and a beta of 1.33. Magnolia Oil & Gas Corp has a 12 month low of $19.09 and a 12 month high of $29.02. The stock has a 50-day moving average price of $23.78 and a two-hundred day moving average price of $23.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its 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 firm had revenue of $318.98 million during the quarter, compared to the consensus estimate of $311.58 million. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.The business's quarterly revenue was down 5.3% on a year-over-year basis. During the same period last year, the company earned $0.51 earnings per share. Analysts expect that Magnolia Oil & Gas Corp will post 2.1 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

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

Analyst Upgrades and Downgrades

MGY has been the subject of several recent analyst reports. Bank of America upped their price objective 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. Citigroup restated a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. William Blair initiated coverage on Magnolia Oil & Gas in a research report on Monday, August 25th. They set an "outperform" rating for the company. UBS Group restated a "buy" rating and set a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Finally, Piper Sandler upped their price objective on Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Four research 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's stock. According to MarketBeat, Magnolia Oil & Gas has a consensus rating of "Hold" and a consensus target price of $26.67.

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.

Want to see what other hedge funds are holding MGY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magnolia Oil & Gas Corp (NYSE:MGY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.