Magnolia Oil & Gas (NYSE:MGY) Reaches New 12-Month High – Here’s What Happened

Magnolia Oil & Gas Corp (NYSE:MGY) reached a new 52-week high on Wednesday . The stock traded as high as $26.54 and last traded at $26.38, with a volume of 4157386 shares traded. The stock had previously closed at $25.63.

Analysts Set New Price Targets

A number of equities analysts recently commented on MGY shares. KeyCorp set a $29.00 target price on Magnolia Oil & Gas and gave the company an “overweight” rating in a report on Wednesday, October 15th. BMO Capital Markets assumed coverage on shares of Magnolia Oil & Gas in a report on Friday, January 9th. They issued an “outperform” rating and a $27.00 price objective for the company. Zacks Research lowered shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $25.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 18th. Finally, Wells Fargo & Company set a $22.00 target price on Magnolia Oil & Gas and gave the stock an “equal weight” rating in a report on Tuesday, January 27th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.64.

Magnolia Oil & Gas Stock Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The business’s 50-day moving average is $22.87 and its 200-day moving average is $23.30. The company has a market capitalization of $4.98 billion, a PE ratio of 14.74 and a beta of 0.96.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th will be given a $0.165 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. Magnolia Oil & Gas’s payout ratio is presently 33.52%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGY. Oak Family Advisors LLC grew its stake in shares of Magnolia Oil & Gas by 0.9% in the fourth quarter. Oak Family Advisors LLC now owns 47,620 shares of the company’s stock worth $1,042,000 after acquiring an additional 410 shares during the last quarter. GAMMA Investing LLC grew its position in Magnolia Oil & Gas by 8.0% during the 4th quarter. GAMMA Investing LLC now owns 6,130 shares of the company’s stock valued at $134,000 after purchasing an additional 453 shares during the last quarter. Vista Finance LLC grew its position in Magnolia Oil & Gas by 4.0% during the 2nd quarter. Vista Finance LLC now owns 12,134 shares of the company’s stock valued at $273,000 after purchasing an additional 471 shares during the last quarter. Coldstream Capital Management Inc. increased its stake in Magnolia Oil & Gas by 3.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock valued at $380,000 after purchasing an additional 482 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in Magnolia Oil & Gas by 1.2% in the second quarter. ProShare Advisors LLC now owns 41,617 shares of the company’s stock worth $936,000 after buying an additional 495 shares during 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 Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).