Magnolia Oil & Gas Corp $MGY Shares Purchased by Russell Investments Group Ltd.

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. grew its position in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 38.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 284,285 shares of the company's stock after purchasing an additional 79,075 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.15% of Magnolia Oil & Gas worth $7,181,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nuveen LLC purchased a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at $21,066,000. Janus Henderson Group PLC grew its position in shares of Magnolia Oil & Gas by 11.7% in the 4th quarter. Janus Henderson Group PLC now owns 6,396,875 shares of the company's stock valued at $149,559,000 after buying an additional 667,973 shares during the last quarter. Ruffer LLP purchased a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at $6,577,000. Jefferies Financial Group Inc. purchased a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at $6,503,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Magnolia Oil & Gas by 11.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,315,012 shares of the company's stock valued at $58,477,000 after buying an additional 238,471 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock traded up $0.8680 during mid-day trading on Friday, hitting $24.2280. The stock had a trading volume of 2,261,394 shares, compared to its average volume of 2,399,185. Magnolia Oil & Gas Corp has a fifty-two week low of $19.09 and a fifty-two week high of $29.02. The firm has a market cap of $4.62 billion, a PE ratio of 12.68, a PEG ratio of 3.03 and a beta of 1.31. 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 company's 50-day simple moving average is $23.52 and its 200-day simple moving average is $22.95.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.43 EPS for the quarter, topping the consensus estimate 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 company had revenue of $318.98 million during the quarter, compared to analysts' expectations of $311.58 million. During the same quarter last year, the business earned $0.51 EPS. The business's revenue was down 5.3% on a year-over-year basis. Sell-side analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 11th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Monday, August 11th. Magnolia Oil & Gas's dividend payout ratio (DPR) is 31.41%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Bank of America raised their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Wells Fargo & Company lowered their price objective on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a research report on Monday, June 16th. UBS Group reissued a "buy" rating and set a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Piper Sandler raised their price objective on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Citigroup reissued a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Three research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas currently has a consensus rating of "Hold" and a consensus price target 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.