Renaissance Technologies LLC Acquires 517,500 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Renaissance Technologies increased its Magnolia Oil & Gas stake by 43.7% in the first quarter, purchasing 517,500 shares and bringing its holdings to 1.7 million shares, or 0.91% of the company.
• Institutional ownership remains high at 94.73%, with Arrowstreet Capital, TD Asset Management, Dimensional Fund Advisors and others also increasing their positions.
• Analysts have a consensus “Hold” rating and an average price target of $31.42. Magnolia exceeded quarterly earnings and revenue estimates and pays a $0.165 quarterly dividend, representing a 2.6% annual yield.

Renaissance Technologies LLC increased its holdings in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 43.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,701,802 shares of the company's stock after purchasing an additional 517,500 shares during the period. Renaissance Technologies LLC owned 0.91% of Magnolia Oil & Gas worth $53,726,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp grew its holdings in Magnolia Oil & Gas by 1.4% during the 4th quarter. State Street Corp now owns 8,800,807 shares of the company's stock valued at $192,650,000 after buying an additional 125,707 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Magnolia Oil & Gas by 5.9% in the first quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company's stock worth $221,910,000 after buying an additional 394,419 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock worth $197,748,000 after acquiring an additional 5,560,619 shares during the last quarter. TD Asset Management Inc boosted its position in shares of 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 acquiring an additional 1,193,458 shares during the last quarter. Finally, Epoch Investment Partners Inc. grew its stake in Magnolia Oil & Gas by 28.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company's stock valued at $116,675,000 after acquiring an additional 1,191,438 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MGY. Wells Fargo & Company decreased their price target on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 13th. Roth Capital cut their price objective on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Thursday. Truist Financial reduced their target price on Magnolia Oil & Gas from $34.00 to $32.00 and set a "hold" rating on the stock in a report on Tuesday, July 7th. KeyCorp reaffirmed an "overweight" rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. Finally, Zacks Research downgraded Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $31.42.

Magnolia Oil & Gas Trading Up 0.0%

MGY stock opened at $25.33 on Monday. The firm has a fifty day moving average price of $27.03 and a 200 day moving average price of $27.46. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The firm has a market cap of $4.69 billion, a PE ratio of 14.73 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company had revenue of $358.51 million for the quarter, compared to the consensus estimate of $349.89 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share. Magnolia Oil & Gas's revenue was up 2.3% on a year-over-year basis. Sell-side analysts anticipate that Magnolia Oil & Gas Corp will post 2.7 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were issued a $0.165 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.6%. Magnolia Oil & Gas's payout ratio is 38.37%.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.