Meritage Portfolio Management Grows Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Meritage Portfolio Management grew its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 9.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,420 shares of the company’s stock after acquiring an additional 5,142 shares during the quarter. Meritage Portfolio Management’s holdings in Magnolia Oil & Gas were worth $1,342,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in MGY. First Horizon Advisors Inc. lifted its holdings in Magnolia Oil & Gas by 64.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after purchasing an additional 396 shares in the last quarter. Albert D Mason Inc. boosted its position in Magnolia Oil & Gas by 0.7% during the fourth quarter. Albert D Mason Inc. now owns 61,497 shares of the company’s stock worth $1,438,000 after acquiring an additional 411 shares during the last quarter. Jennison Associates LLC grew its stake in Magnolia Oil & Gas by 2.2% in the 3rd quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after acquiring an additional 506 shares during the period. Avior Wealth Management LLC raised its holdings in Magnolia Oil & Gas by 30.0% in 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 during the last quarter. Finally, Atria Investments Inc lifted its stake in shares of Magnolia Oil & Gas by 2.3% during the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock worth $576,000 after purchasing an additional 523 shares during the period. Institutional investors and hedge funds own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Johnson Rice cut Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a report on Tuesday, January 28th. Piper Sandler increased their price objective on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Truist Financial boosted their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.58.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $23.70 on Thursday. The firm’s fifty day simple moving average is $24.91 and its 200 day simple moving average is $25.40. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas Co. has a twelve month low of $19.83 and a twelve month high of $29.02. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 2.98 and a beta of 1.98.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

About Magnolia Oil & Gas

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.