Wedge Capital Management L L P NC Sells 24,195 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Wedge Capital Management L L P NC lowered its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 23.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 78,166 shares of the company's stock after selling 24,195 shares during the period. Wedge Capital Management L L P NC's holdings in Magnolia Oil & Gas were worth $1,974,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Parallel Advisors LLC raised its stake in shares of Magnolia Oil & Gas by 122.8% during the first quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock valued at $58,000 after acquiring an additional 1,272 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Magnolia Oil & Gas by 2,696.6% during the first quarter. GAMMA Investing LLC now owns 63,706 shares of the company's stock valued at $1,609,000 after acquiring an additional 61,428 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Magnolia Oil & Gas by 2.5% during the fourth quarter. California State Teachers Retirement System now owns 166,704 shares of the company's stock worth $3,898,000 after buying an additional 4,004 shares during the period. Phocas Financial Corp. increased its position in shares of Magnolia Oil & Gas by 2.2% during the fourth quarter. Phocas Financial Corp. now owns 119,349 shares of the company's stock worth $2,790,000 after buying an additional 2,548 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Magnolia Oil & Gas during the fourth quarter worth $1,370,000. Institutional investors own 94.73% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MGY. Bank of America increased their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Piper Sandler decreased their price objective on shares of Magnolia Oil & Gas from $25.00 to $24.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. UBS Group raised their price target on shares of Magnolia Oil & Gas from $26.00 to $29.00 and gave the stock a "buy" rating in a report on Friday. Susquehanna reduced their price objective on shares of Magnolia Oil & Gas from $31.00 to $30.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Finally, Williams Trading set a $29.00 price objective on shares of Magnolia Oil & Gas in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $27.08.

Magnolia Oil & Gas Stock Up 2.2%

Shares of MGY traded up $0.52 during trading hours on Friday, reaching $24.13. 4,846,396 shares of the stock traded hands, compared to its average volume of 2,298,660. The company has a current ratio of 1.42, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The stock has a fifty day simple moving average of $21.75 and a 200 day simple moving average of $23.43. Magnolia Oil & Gas Co. has a 52 week low of $19.09 and a 52 week high of $29.02. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 3.01 and a beta of 1.29.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.02. Magnolia Oil & Gas had a net margin of 27.82% and a return on equity of 20.74%. The firm had revenue of $350.30 million for the quarter, compared to analysts' expectations of $337.83 million. During the same period in the previous year, the company earned $0.46 earnings per share. The company's quarterly revenue was up 9.7% on a year-over-year basis. On average, equities analysts forecast that Magnolia Oil & Gas Co. will post 2.1 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 12th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.49%. The ex-dividend date was Monday, May 12th. Magnolia Oil & Gas's dividend payout ratio (DPR) is 29.85%.

Magnolia Oil & Gas 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.