SG Americas Securities LLC Trims Position in Magnolia Oil & Gas Corp $MGY

Key Points

• SG Americas Securities LLC cut its Magnolia Oil & Gas stake by 52.8% in the first quarter, selling 48,570 shares and leaving it with 43,348 shares worth about $1.37 million.
• Magnolia Oil & Gas recently beat quarterly earnings and revenue estimates, reporting $0.54 EPS versus $0.51 expected and revenue of $358.51 million versus $349.89 million forecast.
• The company also paid a quarterly dividend of $0.165 per share, which works out to an annualized yield of 2.6%; analysts currently have an average Hold rating with a $31.33 price target.

SG Americas Securities LLC lowered its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 52.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 43,348 shares of the company's stock after selling 48,570 shares during the quarter. SG Americas Securities LLC's holdings in Magnolia Oil & Gas were worth $1,368,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Foster Victor Wealth Advisors LLC grew its holdings in Magnolia Oil & Gas by 9.2% in the 4th quarter. Foster Victor Wealth Advisors LLC now owns 417,192 shares of the company's stock valued at $9,429,000 after buying an additional 35,223 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Magnolia Oil & Gas by 34.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company's stock worth $20,504,000 after acquiring an additional 221,920 shares during the period. Bessemer Group Inc. boosted its position in shares of Magnolia Oil & Gas by 22.4% in the fourth quarter. Bessemer Group Inc. now owns 1,116,993 shares of the company's stock worth $24,452,000 after acquiring an additional 204,467 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Magnolia Oil & Gas by 4.7% in the third quarter. Dimensional Fund Advisors LP now owns 6,369,713 shares of the company's stock worth $152,051,000 after acquiring an additional 283,444 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in Magnolia Oil & Gas by 210.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 414,817 shares of the company's stock valued at $9,080,000 after purchasing an additional 281,234 shares during the period. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Stock Down 0.2%

MGY opened at $25.14 on Friday. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76. The firm has a 50 day moving average price of $27.97 and a 200 day moving average price of $26.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $4.65 billion, a PE ratio of 14.62 and a beta of 0.70.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share 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 firm had revenue of $358.51 million for the quarter, compared to analysts' expectations of $349.89 million. During the same period in the previous year, the company posted $0.54 earnings per share. Magnolia Oil & Gas's revenue was up 2.3% compared to the same quarter last year. Sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.83 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

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

Wall Street Analysts Forecast Growth

MGY has been the topic of a number of recent analyst reports. Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a "buy" rating to a "hold" rating in a research note on Friday, March 6th. Roth Mkm raised shares of Magnolia Oil & Gas from a "neutral" rating to a "buy" rating and set a $31.00 price objective for the company in a research note on Monday, June 22nd. Wells Fargo & Company dropped their price objective on Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, May 13th. KeyCorp reaffirmed an "overweight" rating on shares of Magnolia Oil & Gas in a research report on Monday. Finally, Truist Financial lifted their target price on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a "hold" rating in a report on Monday, April 27th. Eight analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $31.33.

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).

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