Royal Bank of Canada Sells 58,565 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Royal Bank of Canada reduced its Magnolia Oil & Gas stake by 36.8% in the first quarter, selling 58,565 shares and retaining 100,559 shares worth approximately $3.18 million. Institutional investors collectively own 94.73% of MGY.
• Magnolia reported quarterly EPS of $0.99, beating estimates of $0.93, while revenue reached $478.81 million, up 50.1% year over year and above analyst expectations.
• The company raised its quarterly dividend to $0.18 per share, or $0.72 annually, representing a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $31.58 versus the stock’s reported $26.25 price.

Royal Bank of Canada lowered its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 36.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,559 shares of the company's stock after selling 58,565 shares during the quarter. Royal Bank of Canada owned approximately 0.05% of Magnolia Oil & Gas worth $3,175,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas during the first quarter worth approximately $29,000. Salomon & Ludwin LLC boosted its holdings in shares of Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company's stock worth $29,000 after acquiring an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Magnolia Oil & Gas by 165.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company's stock worth $31,000 after acquiring an additional 864 shares during the last quarter. Torren Management LLC bought a new stake in Magnolia Oil & Gas during the 4th quarter worth approximately $38,000. Finally, Parallel Advisors LLC increased its holdings in Magnolia Oil & Gas by 79.8% during the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company's stock valued at $39,000 after purchasing an additional 785 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Stock Performance

MGY stock opened at $26.25 on Friday. The company has a 50 day moving average price of $26.01 and a 200 day moving average price of $27.69. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market capitalization of $6.22 billion, a PE ratio of 11.51 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.06. The firm had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The business's quarterly revenue was up 50.1% compared to the same quarter last year. During the same period last year, the company earned $0.41 EPS. Analysts forecast that Magnolia Oil & Gas Corp will post 2.79 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.7%. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Monday, August 10th. Magnolia Oil & Gas's payout ratio is currently 31.58%.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David M. Khani purchased 8,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director directly owned 30,622 shares in the company, valued at approximately $765,550. The trade was a 35.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Susquehanna boosted their price objective on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a "positive" rating in a research note on Tuesday, August 11th. Mizuho upgraded Magnolia Oil & Gas to a "strong-buy" rating in a research note on Friday, July 31st. UBS Group cut their price target on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating for the company in a report on Friday, July 10th. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Finally, Citigroup decreased their price objective on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has an average rating of "Moderate Buy" and a consensus target price of $31.58.

About Magnolia Oil & Gas

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source