Insider Selling: Magnolia Oil & Gas Co. (NYSE:MGY) Director Sells $181,020,000.00 in Stock

Magnolia Oil & Gas Co. (NYSE:MGY) Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now owns 2,099,403 shares in the company, valued at $54,290,561.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $24.27 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.27 and a beta of 2.00. The business’s 50-day moving average is $24.94 and its 200-day moving average is $25.30. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The company had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 million. Equities research analysts expect that Magnolia Oil & Gas Co. will post 2.04 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.14%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s payout ratio is currently 25.87%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Truist Financial increased their target price on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Susquehanna cut their price objective on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Wells Fargo & Company decreased their target price on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Piper Sandler reduced their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Finally, Capital One Financial began coverage on Magnolia Oil & Gas in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $28.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.00.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after acquiring an additional 2,956,314 shares in the last quarter. Principal Financial Group Inc. increased its position in Magnolia Oil & Gas by 2,799.2% during the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock worth $48,813,000 after buying an additional 1,816,158 shares during the last quarter. First Trust Advisors LP raised its holdings in Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after buying an additional 1,704,982 shares in the last quarter. Ranger Investment Management L.P. bought a new position in Magnolia Oil & Gas during the fourth quarter valued at about $25,226,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth about $30,161,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.