Rafferty Asset Management LLC Sells 20,860 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Rafferty Asset Management LLC has reduced its stake in Magnolia Oil & Gas Corp by 10.8%, selling 20,860 shares and holding 171,700 shares after the sale.
• Magnolia Oil & Gas reported quarterly earnings of $0.43 per share, exceeding estimates, despite a 5.3% decline in revenue year-over-year.
• The firm declared a quarterly dividend of $0.15, representing a 2.4% yield, with a payout ratio of 31.41%.

Rafferty Asset Management LLC lessened its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 10.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,700 shares of the company's stock after selling 20,860 shares during the quarter. Rafferty Asset Management LLC owned about 0.09% of Magnolia Oil & Gas worth $4,337,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in Magnolia Oil & Gas in the 1st quarter valued at about $30,000. Quarry LP increased its position in Magnolia Oil & Gas by 1,047.8% in the 4th quarter. Quarry LP now owns 2,135 shares of the company's stock valued at $50,000 after acquiring an additional 1,949 shares in the last quarter. Parallel Advisors LLC increased its position in Magnolia Oil & Gas by 122.8% in the 1st quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock valued at $58,000 after acquiring an additional 1,272 shares in the last quarter. Farther Finance Advisors LLC increased its position in Magnolia Oil & Gas by 16.8% in the 1st quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock valued at $111,000 after acquiring an additional 629 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Magnolia Oil & Gas by 34.3% in the 1st quarter. Smartleaf Asset Management LLC now owns 5,072 shares of the company's stock valued at $128,000 after acquiring an additional 1,295 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Magnolia Oil & Gas Trading Up 0.5%

NYSE MGY traded up $0.13 during trading on Friday, reaching $24.96. 2,589,278 shares of the stock traded hands, compared to its average volume of 2,204,822. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 3.28 and a beta of 1.33. The stock's 50-day moving average price is $23.57 and its 200 day moving average price is $22.99. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas Corp has a fifty-two week low of $19.09 and a fifty-two week high of $29.02.

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

Magnolia Oil & Gas Dividend Announcement

The business also recently declared 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 of this dividend is Monday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. Magnolia Oil & Gas's payout ratio is presently 31.41%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MGY shares. Piper Sandler raised their price objective on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. UBS Group reiterated a "buy" rating and set a $29.00 price target (up previously from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Citigroup reiterated a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Wells Fargo & Company lowered their price target on shares of 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. Finally, William Blair started coverage on shares of Magnolia Oil & Gas in a research report on Monday, August 25th. They set an "outperform" rating for the company. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target 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.