Strs Ohio Sells 77,600 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Strs Ohio sharply reduced its stake in Magnolia Oil & Gas, selling 77,600 shares in the first quarter and cutting its position by 84.4% to 14,300 shares worth about $451,000.
• Magnolia Oil & Gas posted solid quarterly results, reporting EPS of $0.54, topping estimates, with revenue of $358.51 million and 2.3% year-over-year revenue growth.
• Analyst sentiment is mixed, with an average Wall Street rating of “Hold” and an average target price of $31.08, while the stock also offers a quarterly dividend of $0.165, or 2.6% annually.

Strs Ohio decreased its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 84.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,300 shares of the company's stock after selling 77,600 shares during the quarter. Strs Ohio's holdings in Magnolia Oil & Gas were worth $451,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC acquired a new stake in shares of Magnolia Oil & Gas during the first quarter valued at about $232,000. Pictet Asset Management Holding SA increased its stake in shares of Magnolia Oil & Gas by 7.7% in the first quarter. Pictet Asset Management Holding SA now owns 31,206 shares of the company's stock valued at $985,000 after buying an additional 2,225 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of Magnolia Oil & Gas in the first quarter valued at approximately $2,532,000. Ritholtz Wealth Management increased its stake in shares of Magnolia Oil & Gas by 33.8% in the first quarter. Ritholtz Wealth Management now owns 15,994 shares of the company's stock valued at $505,000 after buying an additional 4,038 shares during the period. Finally, Campbell Newman Asset Management Inc. raised its holdings in Magnolia Oil & Gas by 1.8% in the 1st quarter. Campbell Newman Asset Management Inc. now owns 96,831 shares of the company's stock valued at $3,057,000 after buying an additional 1,732 shares during the last quarter. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Stock Performance

MGY stock opened at $25.78 on Friday. The stock has a 50-day moving average price of $27.59 and a 200-day moving average price of $27.12. Magnolia Oil & Gas Corp has a 1-year low of $21.07 and a 1-year high of $32.76. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.19. The firm has a market cap of $4.77 billion, a PE ratio of 14.99 and a beta of 0.70.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The company had revenue of $358.51 million for the quarter, compared to analyst estimates of $349.89 million. During the same quarter in the prior year, the company earned $0.54 EPS. The firm's revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities research analysts expect that Magnolia Oil & Gas Corp will post 2.75 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MGY shares. UBS Group cut their target price on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a research report on Friday. KeyCorp restated an "overweight" rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Truist Financial dropped their price target on shares of Magnolia Oil & Gas from $34.00 to $32.00 and set a "hold" rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company cut 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 report on Wednesday, May 13th. Eight research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas currently has an average rating of "Hold" and an average target price of $31.08.

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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