Fred Alger Management LLC Trims Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Fred Alger Management LLC lowered its position in Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) by 22.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 262,082 shares of the company's stock after selling 73,711 shares during the quarter. Fred Alger Management LLC owned approximately 0.13% of Magnolia Oil & Gas worth $6,127,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mather Group LLC. boosted its position in Magnolia Oil & Gas by 100.0% during the 4th quarter. Mather Group LLC. now owns 1,090 shares of the company's stock valued at $25,000 after acquiring an additional 545 shares in the last quarter. Larson Financial Group LLC boosted its position in Magnolia Oil & Gas by 112.3% during the 4th quarter. Larson Financial Group LLC now owns 1,072 shares of the company's stock valued at $25,000 after acquiring an additional 567 shares in the last quarter. R Squared Ltd bought a new stake in Magnolia Oil & Gas during the 4th quarter valued at $43,000. Quarry LP boosted its position in Magnolia Oil & Gas by 1,047.8% during the 4th quarter. Quarry LP now owns 2,135 shares of the company's stock valued at $50,000 after acquiring an additional 1,949 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its position in Magnolia Oil & Gas by 30.0% during the 4th quarter. Avior Wealth Management LLC now owns 2,194 shares of the company's stock valued at $51,000 after acquiring an additional 506 shares in the last quarter. Institutional investors own 94.73% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JPMorgan Chase & Co. dropped their target price on Magnolia Oil & Gas from $28.00 to $24.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Citigroup lowered their price objective on Magnolia Oil & Gas from $22.00 to $19.00 and set a "sell" rating for the company in a research report on Tuesday, April 8th. Truist Financial raised their price objective on Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Susquehanna lowered their price objective on Magnolia Oil & Gas from $31.00 to $30.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Finally, Williams Trading set a $29.00 price objective on Magnolia Oil & Gas in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $27.21.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY traded up $1.01 during trading on Monday, reaching $23.00. 2,673,525 shares of the company traded hands, compared to its average volume of 2,311,473. The firm's fifty day simple moving average is $22.39 and its 200 day simple moving average is $24.14. The stock has a market cap of $4.47 billion, a P/E ratio of 11.92, a PEG ratio of 3.01 and a beta of 1.25. Magnolia Oil & Gas Co. has a 12-month low of $19.09 and a 12-month high of $29.02. The company has a current ratio of 1.42, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20.

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

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 12th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, May 12th. This represents a $0.60 annualized dividend and a yield of 2.61%. Magnolia Oil & Gas's dividend payout ratio (DPR) is presently 29.85%.

Insider Transactions at Magnolia Oil & Gas

In related news, CEO Christopher G. Stavros bought 2,500 shares of the stock in a transaction dated Monday, March 3rd. The shares were acquired at an average cost of $22.05 per share, for a total transaction of $55,125.00. Following the acquisition, the chief executive officer now directly owns 892,372 shares in the company, valued at approximately $19,676,802.60. This trade represents a 0.28% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.20% of the company's stock.

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.