Diamond Hill Capital Management Inc. Raises Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Diamond Hill Capital Management Inc. increased its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 1.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 565,939 shares of the company’s stock after purchasing an additional 5,536 shares during the quarter. Diamond Hill Capital Management Inc. owned 0.28% of Magnolia Oil & Gas worth $13,820,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGY. Vanguard Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after acquiring an additional 2,956,314 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Magnolia Oil & Gas by 9.9% during the 2nd quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock worth $237,927,000 after acquiring an additional 847,542 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Magnolia Oil & Gas by 16.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock worth $114,554,000 after acquiring an additional 627,933 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Magnolia Oil & Gas by 1.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,061,846 shares of the company’s stock worth $74,770,000 after acquiring an additional 50,351 shares during the last quarter. Finally, Boston Trust Walden Corp boosted its stake in shares of Magnolia Oil & Gas by 4.4% during the 3rd quarter. Boston Trust Walden Corp now owns 2,823,126 shares of the company’s stock worth $68,941,000 after acquiring an additional 119,582 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Insider Buying and Selling

In related news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction dated 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 transaction, the director now directly owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is owned by corporate insiders.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $27.53 on Tuesday. Magnolia Oil & Gas Co. has a 52 week low of $19.16 and a 52 week high of $27.73. The stock has a market capitalization of $5.41 billion, a P/E ratio of 13.63, a PEG ratio of 1.39 and a beta of 1.99. The firm has a fifty day simple moving average of $25.41 and a two-hundred day simple moving average of $25.38. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $331.45 million. On average, analysts expect that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.89%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.74%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MGY shares. Piper Sandler dropped their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. JPMorgan Chase & Co. decreased their price objective on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Bank of America raised their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Mizuho decreased their price objective on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target 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.