Magnolia Oil & Gas (NYSE:MGY) Sets New 1-Year High at $27.63

Magnolia Oil & Gas Co. (NYSE:MGY)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $27.63 and last traded at $26.20, with a volume of 1097071 shares trading hands. The stock had previously closed at $27.24.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Bank of America upped their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Susquehanna upped their target price on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “positive” rating in a research report on Monday, July 22nd. Wells Fargo & Company upped their target price on Magnolia Oil & Gas from $23.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Truist Financial upped their target price on Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday. Finally, Wolfe Research started coverage on Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an “outperform” rating and a $32.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $29.10.

Magnolia Oil & Gas Stock Performance

The stock has a market capitalization of $4.90 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 0.95 and a beta of 2.02. The firm has a fifty day moving average of $25.48 and a 200 day moving average of $24.36. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.71.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Tuesday, May 7th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. The firm had revenue of $319.42 million for the quarter, compared to analyst estimates of $308.21 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. On average, sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 2.2 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 25.87%.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director John B. Walker sold 12,000,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the transaction, the director now owns 4,164,961 shares in the company, valued at $106,539,702.38. The sale 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.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV lifted its position in shares of Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after acquiring an additional 982 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Magnolia Oil & Gas in the second quarter valued at approximately $26,000. Mather Group LLC. purchased a new position in shares of Magnolia Oil & Gas in the first quarter valued at approximately $27,000. Private Wealth Management Group LLC purchased a new position in Magnolia Oil & Gas during the fourth quarter worth approximately $33,000. Finally, GAMMA Investing LLC lifted its position in Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after buying an additional 1,042 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

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.