T. Rowe Price Investment Management Inc. Reduces Holdings in Magnolia Oil & Gas Corp $MGY

Key Points

• T. Rowe Price Investment Management Inc. reduced its ownership in Magnolia Oil & Gas Corp by 8.7%, now holding approximately 3.74% of the company, valued at $183.42 million.
• Magnolia Oil & Gas reported an EPS of $0.43 for the last quarter, exceeding estimates, but experienced a 5.3% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.15, yielding 2.6%, to be paid to shareholders on September 2nd.

T. Rowe Price Investment Management Inc. lowered its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 8.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,261,115 shares of the company's stock after selling 689,882 shares during the period. T. Rowe Price Investment Management Inc. owned about 3.74% of Magnolia Oil & Gas worth $183,416,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MGY. Mariner LLC grew its holdings in Magnolia Oil & Gas by 1.8% during the 4th quarter. Mariner LLC now owns 43,229 shares of the company's stock valued at $1,011,000 after buying an additional 762 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Magnolia Oil & Gas by 4.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,470 shares of the company's stock valued at $391,000 after acquiring an additional 715 shares during the last quarter. Foster Victor Wealth Advisors LLC increased its position in Magnolia Oil & Gas by 7.1% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 336,917 shares of the company's stock worth $8,511,000 after purchasing an additional 22,402 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Magnolia Oil & Gas during the 4th quarter worth about $1,370,000. Finally, Northern Trust Corp raised its stake in Magnolia Oil & Gas by 7.3% in the 4th quarter. Northern Trust Corp now owns 1,936,398 shares of the company's stock valued at $45,273,000 after purchasing an additional 131,941 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Trading Down 1.7%

MGY traded down $0.42 during trading on Tuesday, hitting $23.96. 744,573 shares of the company's stock were exchanged, compared to its average volume of 2,629,885. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $29.02. The stock has a 50 day moving average price of $23.52 and a 200 day moving average price of $22.96. The firm has a market cap of $4.57 billion, a P/E ratio of 12.54, a price-to-earnings-growth ratio of 3.14 and a beta of 1.31. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share for the quarter, beating 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 business had revenue of $318.98 million for the quarter, compared to analyst estimates of $311.58 million. During the same quarter in the previous year, the business posted $0.51 EPS. The business's quarterly revenue was down 5.3% on a year-over-year basis. As a group, analysts expect that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 11th will be issued a dividend of $0.15 per share. 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 presently 31.41%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Citigroup reiterated a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Bank of America lifted their target price on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. Piper Sandler boosted their price target on Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. William Blair started coverage on Magnolia Oil & Gas in a report on Monday. They set an "outperform" rating on the stock. Finally, Wells Fargo & Company lowered their price objective 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. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Magnolia Oil & Gas has an average rating of "Hold" and a consensus target price of $26.67.

Magnolia Oil & Gas Company 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.