Planning Project LLC Buys Shares of 53,409 Magnolia Oil & Gas Corp $MGY

Key Points

• Planning Project LLC initiated a stake of 53,409 Magnolia Oil & Gas shares worth approximately $1.43 million in the second quarter. Institutional investors collectively own 94.73% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $31.62, despite some recent target-price reductions.
• Magnolia reported strong quarterly results, including $0.99 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, representing a 2.7% annualized yield.

Planning Project LLC purchased a new stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 53,409 shares of the company's stock, valued at approximately $1,434,000. Magnolia Oil & Gas makes up 0.3% of Planning Project LLC's investment portfolio, making the stock its 15th biggest holding.

Several other large investors have also modified their holdings of MGY. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Magnolia Oil & Gas during the second quarter valued at approximately $299,000. California State Teachers Retirement System raised its stake in Magnolia Oil & Gas by 2,478.7% in the second quarter. California State Teachers Retirement System now owns 5,453,144 shares of the company's stock worth $139,491,000 after buying an additional 5,241,676 shares in the last quarter. AXQ Capital LP bought a new position in Magnolia Oil & Gas in the second quarter worth approximately $584,000. iSAM Funds UK Ltd bought a new position in Magnolia Oil & Gas in the second quarter worth approximately $238,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Magnolia Oil & Gas during the second quarter worth $3,077,000. Institutional investors own 94.73% of the company's stock.

Insiders Place Their Bets

In other Magnolia Oil & Gas news, Director David Khani bought 8,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average cost of $25.00 per share, with a total value of $200,000.00. Following the transaction, the director directly owned 30,622 shares of the company's stock, valued at approximately $765,550. This represents a 35.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.92% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MGY shares. KeyCorp reaffirmed an "overweight" rating and set a $38.00 target price on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Seaport Research Partners began coverage on Magnolia Oil & Gas in a research report on Thursday. They issued a "neutral" rating for the company. Wall Street Zen upgraded Magnolia Oil & Gas from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Roth Capital decreased their price objective on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Finally, Citigroup dropped their price objective on Magnolia Oil & Gas from $29.00 to $27.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $31.62.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $26.82 on Monday. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 11.76 and a beta of 0.70. Magnolia Oil & Gas Corp has a twelve month low of $21.07 and a twelve month high of $32.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The company has a 50 day moving average of $26.01 and a two-hundred day moving average of $27.82.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, topping 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 business had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same period in the previous year, the company earned $0.41 earnings per share. The business's revenue for the quarter was up 50.1% on a year-over-year basis. As a group, analysts predict that Magnolia Oil & Gas Corp will post 2.91 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 10th were paid a dividend of $0.18 per share. This is a positive change from Magnolia Oil & Gas's previous quarterly dividend of $0.17. The ex-dividend date was Monday, August 10th. This represents a $0.72 annualized dividend and a yield of 2.7%. 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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