Woodline Partners LP Invests $5 Million in Magnolia Oil & Gas Corp $MGY

Key Points

• Woodline Partners LP has made a new investment of approximately $5 million in Magnolia Oil & Gas Corp by acquiring 198,110 shares, representing about 0.10% of the company.
• Magnolia Oil & Gas recently announced a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 2.5%.
• Analyst ratings for Magnolia Oil & Gas show a consensus average rating of "Hold", with various price targets ranging from $21.00 to $29.00 from different financial institutions.

Woodline Partners LP purchased a new stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 198,110 shares of the company's stock, valued at approximately $5,004,000. Woodline Partners LP owned about 0.10% of Magnolia Oil & Gas as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MGY. Encompass Capital Advisors LLC bought a new position in Magnolia Oil & Gas in the first quarter valued at about $53,819,000. Jane Street Group LLC boosted its holdings in Magnolia Oil & Gas by 1,382.9% during the first quarter. Jane Street Group LLC now owns 1,059,335 shares of the company's stock worth $26,759,000 after buying an additional 987,896 shares during the last quarter. Millennium Management LLC boosted its holdings in Magnolia Oil & Gas by 506.2% during the first quarter. Millennium Management LLC now owns 1,022,836 shares of the company's stock worth $25,837,000 after buying an additional 854,113 shares during the last quarter. Nuveen LLC bought a new position in Magnolia Oil & Gas during the first quarter worth about $21,066,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Magnolia Oil & Gas by 12.5% during the first quarter. Dimensional Fund Advisors LP now owns 5,365,892 shares of the company's stock worth $135,541,000 after buying an additional 597,845 shares during the last quarter. Institutional investors own 94.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MGY shares. Bank of America raised their target price on Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Mizuho reduced their target price on Magnolia Oil & Gas from $26.00 to $25.00 and set a "neutral" rating on the stock in a report on Monday. Wells Fargo & Company reduced their target price on Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a report on Monday, June 16th. UBS Group reaffirmed a "buy" rating and set a $29.00 price target (up previously from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Finally, William Blair initiated coverage on Magnolia Oil & Gas in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $26.42.

Magnolia Oil & Gas Stock Up 4.1%

Magnolia Oil & Gas stock traded up $0.96 during midday trading on Tuesday, reaching $24.63. The stock had a trading volume of 2,453,916 shares, compared to its average volume of 2,611,997. The firm's fifty day simple moving average is $23.80 and its 200-day simple moving average is $23.02. Magnolia Oil & Gas Corp has a 1-year low of $19.09 and a 1-year high of $29.02. The stock has a market capitalization of $4.70 billion, a P/E ratio of 12.90, a price-to-earnings-growth ratio of 3.14 and a beta of 1.33. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.44 and a current ratio of 1.44.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.03. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.The business had revenue of $318.98 million for the quarter, compared to analyst estimates of $311.58 million. During the same quarter last year, the firm earned $0.51 EPS. Magnolia Oil & Gas's revenue for the quarter was down 5.3% compared to the same quarter last year. 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 company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 11th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, August 11th. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 31.41%.

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.