M&T Bank Corp Lowers Position in Magnolia Oil & Gas Co. (NYSE:MGY)

M&T Bank Corp decreased its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 20.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 25,899 shares of the company’s stock after selling 6,599 shares during the period. M&T Bank Corp’s holdings in Magnolia Oil & Gas were worth $633,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MGY. Nisa Investment Advisors LLC grew its stake in shares of Magnolia Oil & Gas by 61.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock valued at $72,000 after acquiring an additional 1,090 shares during the period. Argent Capital Management LLC lifted its holdings in Magnolia Oil & Gas by 56.8% during the second quarter. Argent Capital Management LLC now owns 29,111 shares of the company’s stock valued at $738,000 after purchasing an additional 10,547 shares in the last quarter. AMG National Trust Bank boosted its position in shares of Magnolia Oil & Gas by 13.7% in the second quarter. AMG National Trust Bank now owns 65,508 shares of the company’s stock worth $1,660,000 after purchasing an additional 7,879 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Magnolia Oil & Gas by 1.9% in the second quarter. Bank of New York Mellon Corp now owns 1,976,184 shares of the company’s stock worth $50,077,000 after purchasing an additional 36,018 shares during the period. Finally, Bailard Inc. purchased a new stake in shares of Magnolia Oil & Gas in the second quarter worth $215,000. Institutional investors own 94.73% of the company’s stock.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. This represents a 76.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MGY has been the topic of a number of analyst reports. Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $26.00 to $22.00 in a report on Tuesday, October 1st. Susquehanna cut their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Truist Financial boosted their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. dropped their price target on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Finally, Siebert Williams Shank downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective on the stock. in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $24.24 on Wednesday. The firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 1.29 and a beta of 1.99. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The business has a 50 day simple moving average of $26.55 and a 200-day simple moving average of $25.65. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The company had revenue of $333.14 million during the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. Equities analysts forecast that Magnolia Oil & Gas Co. will post 2 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a $0.13 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.15%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.74%.

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.