Vanguard Group Inc. Decreases Position in Magnolia Oil & Gas Corp $MGY

Key Points

• Vanguard Group Inc. has reduced its stake in Magnolia Oil & Gas by 2.5%, selling 530,497 shares to hold a total of 20,407,703 shares, representing 10.51% ownership valued at approximately $515.5 million.
• Several institutional investors, including First Trust Advisors LP and Janus Henderson Group PLC, have increased their positions in Magnolia Oil & Gas, highlighting robust interest from the institutional side despite Vanguard's selling.
• Analyst ratings for Magnolia Oil & Gas show a consensus of "Hold" with an average price target of $26.67, with varying outlooks from firms such as Piper Sandler and Wells Fargo.

Vanguard Group Inc. lessened its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,407,703 shares of the company's stock after selling 530,497 shares during the quarter. Vanguard Group Inc. owned 10.51% of Magnolia Oil & Gas worth $515,499,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MGY. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the first quarter valued at approximately $30,000. Quarry LP lifted its position in shares of Magnolia Oil & Gas by 1,047.8% during the 4th quarter. Quarry LP now owns 2,135 shares of the company's stock worth $50,000 after buying an additional 1,949 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 122.8% in the first quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock worth $58,000 after acquiring an additional 1,272 shares during the last quarter. Farther Finance Advisors LLC grew its position in Magnolia Oil & Gas by 16.8% during the 1st quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock worth $111,000 after acquiring an additional 629 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new position in Magnolia Oil & Gas in the 1st quarter valued at approximately $136,000. 94.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MGY has been the subject of a number of recent analyst reports. Bank of America increased their target price on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Piper Sandler boosted their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Wells Fargo & Company cut their price objective on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a report on Monday, June 16th. Susquehanna dropped their price target on Magnolia Oil & Gas from $31.00 to $30.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, UBS Group reiterated a "buy" rating and issued a $29.00 price objective (up previously from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Magnolia Oil & Gas has a consensus rating of "Hold" and an average target price of $26.67.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY traded down $0.34 during midday trading on Monday, hitting $23.27. 744,802 shares of the company's stock were exchanged, compared to its average volume of 2,666,835. The business's fifty day moving average price is $23.54 and its two-hundred day moving average price is $22.95. The company has a market cap of $4.44 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 3.06 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 Corp has a 12-month low of $19.09 and a 12-month high of $29.02.

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

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 11th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. Magnolia Oil & Gas's dividend payout ratio is 31.41%.

About Magnolia Oil & Gas

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.