Magnolia Oil & Gas (NYSE:MGY) Director Purchases $200,000.00 in Stock

Key Points

• Director David Khani purchased 8,000 Magnolia Oil & Gas shares at $25 each, investing $200,000 and increasing his direct ownership by 35.36% to 30,622 shares.
• Magnolia reported quarterly EPS of $0.99, beating estimates by $0.06, while revenue rose 50.1% year over year to $478.81 million.
• The company raised its quarterly dividend to $0.18 per share, implying an annualized dividend of $0.72 and a 2.8% yield; analysts maintain a consensus “Moderate Buy” rating with an average price target of $31.17.

Magnolia Oil & Gas Corp (NYSE:MGY - Get Free Report) Director David Khani bought 8,000 shares of the stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the purchase, the director directly owned 30,622 shares of the company's stock, valued at approximately $765,550. The trade was a 35.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock traded up $0.06 during midday trading on Tuesday, hitting $26.07. 3,102,067 shares of the company were exchanged, compared to its average volume of 3,419,811. The business has a fifty day simple moving average of $26.15 and a two-hundred day simple moving average of $27.65. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. The firm has a market capitalization of $4.82 billion, a PE ratio of 11.43 and a beta of 0.72. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.06. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.Magnolia Oil & Gas's revenue for the quarter was up 50.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. On average, sell-side analysts forecast that Magnolia Oil & Gas Corp will post 2.81 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Monday, August 10th. This is a positive change from Magnolia Oil & Gas's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. Magnolia Oil & Gas's dividend payout ratio is presently 28.95%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently made changes to their positions in MGY. State Street Corp boosted its stake in Magnolia Oil & Gas by 1.4% during the fourth quarter. State Street Corp now owns 8,800,807 shares of the company's stock worth $192,650,000 after buying an additional 125,707 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Magnolia Oil & Gas by 5.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company's stock worth $221,910,000 after acquiring an additional 394,419 shares during the period. Janus Henderson Group PLC boosted its position in shares of Magnolia Oil & Gas by 2.8% during the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company's stock valued at $198,248,000 after acquiring an additional 170,174 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Magnolia Oil & Gas by 790.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock valued at $197,748,000 after acquiring an additional 5,560,619 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of Magnolia Oil & Gas by 26.6% in the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock valued at $124,156,000 after purchasing an additional 1,193,458 shares during the period. Hedge funds and other institutional investors own 94.73% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on MGY. Mizuho upgraded Magnolia Oil & Gas to a "strong-buy" rating in a research report on Friday, July 31st. Roth Capital reduced their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating for the company in a report on Thursday, July 23rd. Wall Street Zen upgraded Magnolia Oil & Gas from a "hold" rating to a "buy" rating in a research report on Saturday. KeyCorp reissued an "overweight" rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. Finally, Zacks Research cut Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $31.17.

About Magnolia Oil & Gas

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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