11,731 Shares in Magnolia Oil & Gas Corp $MGY Bought by Peirce Capital Management LLC

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 purchased a new stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,731 shares of the company's stock, valued at approximately $264,000.

A number of other institutional investors have also made changes to their positions in the company. American Century Companies Inc. lifted its position in shares of Magnolia Oil & Gas by 5.7% during the first quarter. American Century Companies Inc. now owns 10,502,353 shares of the company's stock worth $265,289,000 after purchasing an additional 562,223 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Magnolia Oil & Gas by 12.5% in the first quarter. Dimensional Fund Advisors LP now owns 5,365,892 shares of the company's stock valued at $135,541,000 after acquiring an additional 597,845 shares in the last quarter. Boston Trust Walden Corp raised its holdings in Magnolia Oil & Gas by 2.8% in the first quarter. Boston Trust Walden Corp now owns 3,178,608 shares of the company's stock valued at $80,292,000 after acquiring an additional 88,021 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Magnolia Oil & Gas by 3.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,175,387 shares of the company's stock valued at $81,004,000 after acquiring an additional 110,961 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Magnolia Oil & Gas by 5.2% during the first quarter. Principal Financial Group Inc. now owns 2,427,952 shares of the company's stock valued at $61,330,000 after purchasing an additional 119,127 shares during the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY traded down $0.54 during mid-day trading on Friday, reaching $24.08. The stock had a trading volume of 974,386 shares, compared to its average volume of 2,594,431. 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 business's 50 day moving average price is $23.87 and its 200 day moving average price is $23.06. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $29.02. The company has a market cap of $4.59 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 3.25 and a beta of 1.33.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share (EPS) 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%.The business's revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 EPS. Research analysts expect that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal 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 issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, August 11th. Magnolia Oil & Gas's dividend payout ratio is 31.41%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MGY shares. Bank of America raised their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. William Blair began coverage on shares of Magnolia Oil & Gas in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. Mizuho dropped their price objective on Magnolia Oil & Gas from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Monday. UBS Group reiterated a "buy" rating and issued a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Finally, Citigroup reissued a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $26.42.

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.