Heartland Advisors Inc. Has $19.90 Million Stake in Magnolia Oil & Gas Corp $MGY

Heartland Advisors Inc. reduced its position in Magnolia Oil & Gas Corp (NYSE:MGY) by 3.2% during the first quarter, HoldingsChannel reports. The firm owned 630,475 shares of the company’s stock after selling 20,774 shares during the period. Magnolia Oil & Gas comprises approximately 1.0% of Heartland Advisors Inc.’s portfolio, making the stock its 18th largest holding. Heartland Advisors Inc.’s holdings in Magnolia Oil & Gas were worth $19,904,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Valued Wealth Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas during the first quarter worth $29,000. Salomon & Ludwin LLC lifted its holdings in Magnolia Oil & Gas by 130.1% in the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after buying an additional 760 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after buying an additional 864 shares during the period. Torren Management LLC bought a new stake in Magnolia Oil & Gas during the fourth quarter valued at $38,000. Finally, Parallel Advisors LLC boosted its position in Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after acquiring an additional 785 shares during the last quarter. 94.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Mizuho increased their price target on Magnolia Oil & Gas from $33.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Weiss Ratings downgraded Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Roth Capital upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Monday, June 22nd. Truist Financial decreased their target price on Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating for the company in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company lowered their target price on Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, May 13th. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $31.08.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $27.27 on Friday. The company has a market cap of $5.04 billion, a P/E ratio of 15.85 and a beta of 0.70. The company has a fifty day simple moving average of $27.36 and a 200 day simple moving average of $27.30. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.19. Magnolia Oil & Gas Corp has a 12-month low of $21.07 and a 12-month high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The firm had revenue of $358.51 million for the quarter, compared to the consensus estimate of $349.89 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts predict that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.66 annualized dividend and a dividend yield of 2.4%. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

About Magnolia Oil & Gas

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).