Magnolia Oil & Gas Co. (NYSE:MGY) Shares Sold by EnerVest Ltd.

EnerVest Ltd. decreased its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 49.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 2,099,403 shares of the company’s stock after selling 2,065,558 shares during the period. Magnolia Oil & Gas makes up approximately 100.0% of EnerVest Ltd.’s investment portfolio, making the stock its largest holding. EnerVest Ltd.’s holdings in Magnolia Oil & Gas were worth $51,267,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. SG Americas Securities LLC raised its stake in Magnolia Oil & Gas by 406.1% in the 2nd quarter. SG Americas Securities LLC now owns 31,430 shares of the company’s stock worth $796,000 after acquiring an additional 25,220 shares during the last quarter. Blue Trust Inc. purchased a new position in shares of Magnolia Oil & Gas in the second quarter worth about $437,000. Foster Victor Wealth Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 4.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 207,446 shares of the company’s stock worth $5,603,000 after purchasing an additional 8,679 shares during the period. Boston Trust Walden Corp boosted its position in Magnolia Oil & Gas by 26.7% in the second quarter. Boston Trust Walden Corp now owns 2,703,544 shares of the company’s stock valued at $68,508,000 after buying an additional 568,998 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Magnolia Oil & Gas by 61.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock worth $72,000 after buying an additional 1,090 shares during the period. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Trading Up 0.4 %

Shares of NYSE:MGY opened at $25.77 on Tuesday. The firm has a market capitalization of $5.06 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 1.31 and a beta of 1.99. The business’s 50 day moving average price is $26.61 and its 200-day moving average price is $25.64. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. The business had revenue of $333.14 million for the quarter, compared to analyst estimates of $331.45 million. On average, equities research analysts forecast that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.02%. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

Insider Activity

In other news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were 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 of the company’s stock, valued at $54,290,561.58. This represents a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Truist Financial lifted their price objective on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Piper Sandler decreased their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Siebert Williams Shank downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target on the stock. in a research report on Tuesday, October 15th. Susquehanna reduced their price objective on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. lowered their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $27.67.

Magnolia Oil & Gas Company Profile

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.