Vanguard Group Inc. Sells 230,896 Shares of Magnolia Oil & Gas Corp $MGY

Key Points

• Vanguard trimmed its stake in Magnolia by 1.2%, selling 230,896 shares and now holds 19,644,960 shares (about 10.41%) valued at roughly $430.0 million.
• Magnolia beat Q1 estimates with $0.54 EPS (vs. $0.51 expected) and $358.5M revenue, and announced a quarterly dividend of $0.165 per share (annualized $0.66, ~2.3% yield, ex-dividend May 12).
• Insiders sold 338,954 shares worth about $9.91 million last quarter (insiders own 0.92%), while institutional ownership is very high at 94.73%.

Vanguard Group Inc. reduced its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 1.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,644,960 shares of the company's stock after selling 230,896 shares during the quarter. Vanguard Group Inc. owned approximately 10.41% of Magnolia Oil & Gas worth $430,028,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in Magnolia Oil & Gas by 34.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company's stock valued at $20,504,000 after purchasing an additional 221,920 shares during the period. TD Asset Management Inc boosted its stake in Magnolia Oil & Gas by 55.7% in the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company's stock valued at $106,898,000 after purchasing an additional 1,601,809 shares during the period. Foster Victor Wealth Advisors LLC boosted its stake 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 purchasing an additional 35,223 shares during the period. Bessemer Group Inc. boosted its stake in Magnolia Oil & Gas by 4.4% in the 3rd quarter. Bessemer Group Inc. now owns 912,526 shares of the company's stock valued at $21,781,000 after purchasing an additional 38,502 shares during the period. Finally, Heartland Advisors Inc. boosted its stake in Magnolia Oil & Gas by 92.1% in the 3rd quarter. Heartland Advisors Inc. now owns 576,290 shares of the company's stock valued at $13,756,000 after purchasing an additional 276,290 shares during the period. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $28.77 on Thursday. The stock has a fifty day moving average price of $29.64 and a 200-day moving average price of $25.59. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.92 and a beta of 0.75. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54. Magnolia Oil & Gas Corp has a fifty-two week low of $20.45 and a fifty-two week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its 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. The firm had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The company's revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 EPS. As a group, equities analysts anticipate that Magnolia Oil & Gas Corp will post 2.8 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, May 12th. Magnolia Oil & Gas's dividend payout ratio is presently 38.37%.

Insider Activity

In other news, Director Dan F. Smith sold 18,000 shares of the business's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.01, for a total transaction of $522,180.00. Following the completion of the transaction, the director owned 119,204 shares of the company's stock, valued at approximately $3,458,108.04. The trade was a 13.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian Corales sold 33,000 shares of the business's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.12, for a total value of $960,960.00. Following the transaction, the chief financial officer directly owned 184,178 shares of the company's stock, valued at $5,363,263.36. This trade represents a 15.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 338,954 shares of company stock worth $9,911,733. 0.92% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Roth Mkm restated a "neutral" rating and issued a $32.00 price target (up from $29.00) on shares of Magnolia Oil & Gas in a research note on Wednesday, April 8th. Piper Sandler boosted their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a "neutral" rating in a research note on Thursday, March 12th. Bank of America upgraded Magnolia Oil & Gas from a "neutral" rating to a "buy" rating and boosted their price target for the company from $26.00 to $28.00 in a research note on Friday, January 16th. BMO Capital Markets assumed coverage on Magnolia Oil & Gas in a research note on Friday, January 9th. They issued an "outperform" rating and a $27.00 price target for the company. Finally, Benchmark restated a "hold" rating on shares of Magnolia Oil & Gas in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Magnolia Oil & Gas has a consensus rating of "Moderate Buy" and an average price target of $31.08.

Magnolia Oil & Gas Company Profile

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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