Russell Investments Group Ltd. Raises Stake in Magnolia Oil & Gas Corp $MGY

Key Points

• Russell Investments Group Ltd. increased its stake in Magnolia Oil & Gas Corp by 38.5%, acquiring an additional 79,075 shares during the first quarter, totaling 284,285 shares valued at approximately $7.18 million by the end of the reporting period.
• Magnolia Oil & Gas recently reported $0.43 earnings per share, exceeding analyst estimates of $0.40, while the company experienced a 5.3% drop in quarterly revenue compared to the same period last year.
• The company announced a quarterly dividend of $0.15 per share, representing a 2.6% dividend yield, with a payout ratio currently set at 31.41%.

Russell Investments Group Ltd. lifted its position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 38.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 284,285 shares of the company's stock after purchasing an additional 79,075 shares during the period. Russell Investments Group Ltd. owned about 0.15% of Magnolia Oil & Gas worth $7,181,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGY. HighTower Advisors LLC grew its holdings in Magnolia Oil & Gas by 4.9% in the 1st quarter. HighTower Advisors LLC now owns 15,852 shares of the company's stock worth $400,000 after acquiring an additional 746 shares during the last quarter. Public Sector Pension Investment Board raised its stake in shares of Magnolia Oil & Gas by 45.2% during the first quarter. Public Sector Pension Investment Board now owns 690,875 shares of the company's stock valued at $17,452,000 after acquiring an additional 214,916 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Magnolia Oil & Gas during the first quarter worth about $21,066,000. Invesco Ltd. boosted its holdings in shares of Magnolia Oil & Gas by 4.8% during the first quarter. Invesco Ltd. now owns 1,006,049 shares of the company's stock worth $25,413,000 after purchasing an additional 45,705 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Magnolia Oil & Gas by 37.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 812,030 shares of the company's stock worth $20,512,000 after purchasing an additional 221,389 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Stock Up 0.4%

NYSE MGY traded up $0.1050 during trading hours on Monday, reaching $24.3550. 2,101,767 shares of the company's stock traded hands, compared to its average volume of 2,418,950. Magnolia Oil & Gas Corp has a 52-week low of $19.09 and a 52-week high of $29.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a 50-day simple moving average of $23.52 and a 200 day simple moving average of $22.96. The firm has a market cap of $4.65 billion, a PE ratio of 12.75, a PEG ratio of 3.14 and a beta of 1.31.

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 for the quarter, beating analysts' consensus estimates of $0.40 by $0.03. The business had revenue of $318.98 million during the quarter, compared to the consensus estimate of $311.58 million. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. 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 earnings per share. Sell-side analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 11th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, August 11th. Magnolia Oil & Gas's dividend payout ratio is 31.41%.

Analysts Set New Price Targets

MGY has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their price target on 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. Piper Sandler upped their target price on Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. UBS Group reaffirmed a "buy" rating and issued a $29.00 price target (up previously from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. William Blair began coverage on shares of Magnolia Oil & Gas in a research report on Monday. They set an "outperform" rating on the stock. Finally, Citigroup restated 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 assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of "Hold" and a consensus target price of $26.67.

Magnolia Oil & Gas Profile

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.