T. Rowe Price Investment Management Inc. Reduces Stock Position 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. reduced its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 8.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 approximately 3.74% of Magnolia Oil & Gas worth $183,416,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MGY. OneDigital Investment Advisors LLC grew its position in Magnolia Oil & Gas by 3.0% during the fourth quarter. OneDigital Investment Advisors LLC now owns 15,768 shares of the company's stock worth $369,000 after buying an additional 464 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 16.8% during the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock worth $111,000 after purchasing an additional 629 shares in the last quarter. BOKF NA grew its holdings in shares of Magnolia Oil & Gas by 3.9% during the fourth quarter. BOKF NA now owns 19,014 shares of the company's stock worth $473,000 after purchasing an additional 713 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings 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 worth $391,000 after purchasing an additional 715 shares in the last quarter. Finally, HighTower Advisors LLC grew its stake 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 buying an additional 746 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MGY. Bank of America boosted their price target 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. Wells Fargo & Company cut their target price on shares of 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. Citigroup reiterated a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. UBS Group reiterated a "buy" rating and issued a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a report on Friday, June 13th. Finally, Piper Sandler upped their price objective on Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $26.67.

Magnolia Oil & Gas Trading Up 3.7%

NYSE MGY traded up $0.8680 during trading on Friday, hitting $24.2280. 2,261,394 shares of the company's stock traded hands, compared to its average volume of 2,399,185. The stock has a fifty day moving average of $23.52 and a two-hundred day moving average of $22.94. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.44 and a quick ratio of 1.44. Magnolia Oil & Gas Corp has a 12-month low of $19.09 and a 12-month high of $29.02. The firm has a market cap of $4.62 billion, a P/E ratio of 12.68, a PEG ratio of 3.14 and a beta of 1.31.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued 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. The company had revenue of $318.98 million during the quarter, compared to analysts' expectations of $311.58 million. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.Magnolia Oil & Gas's quarterly revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.51 EPS. As a group, sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.1 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

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

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.