Tidal Investments LLC Acquires 23,833 Shares of Magnolia Oil & Gas Corp $MGY

Tidal Investments LLC grew its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 34.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 93,383 shares of the company’s stock after purchasing an additional 23,833 shares during the period. Tidal Investments LLC’s holdings in Magnolia Oil & Gas were worth $2,389,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MGY. Arrowstreet Capital Limited Partnership raised its holdings in Magnolia Oil & Gas by 790.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock worth $197,748,000 after buying an additional 5,560,619 shares during the last quarter. HITE Hedge Asset Management LLC boosted its holdings in shares of Magnolia Oil & Gas by 661.5% in the fourth quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company’s stock worth $31,837,000 after buying an additional 1,263,407 shares during the last quarter. TD Asset Management Inc grew its position in shares of Magnolia Oil & Gas by 26.6% during the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock valued at $124,156,000 after acquiring an additional 1,193,458 shares during the period. Epoch Investment Partners Inc. grew its holdings in Magnolia Oil & Gas by 28.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company’s stock valued at $116,675,000 after purchasing an additional 1,191,438 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Magnolia Oil & Gas by 20.5% during the 1st quarter. Bank of America Corp DE now owns 3,877,361 shares of the company’s stock valued at $122,408,000 after acquiring an additional 659,012 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MGY shares. UBS Group dropped their price objective on Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Susquehanna lifted their target price on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research report on Tuesday, August 11th. Mizuho raised Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. KeyCorp reiterated an “overweight” rating and issued a $38.00 price target on shares of Magnolia Oil & Gas in a report on Wednesday, August 12th. Finally, Truist Financial upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $32.00 to $33.00 in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.71.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $28.51 on Wednesday. Magnolia Oil & Gas Corp has a 12 month low of $21.07 and a 12 month high of $32.76. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 12.51 and a beta of 0.70. The company has a 50 day simple moving average of $26.33 and a two-hundred day simple moving average of $27.86.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million during the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The company’s revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. As a group, analysts predict that Magnolia Oil & Gas Corp will post 2.91 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 10th were given a dividend of $0.18 per share. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 31.58%.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director David Khani purchased 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the purchase, the director directly owned 30,622 shares in the company, valued at approximately $765,550. This trade represents a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.92% of the stock is owned by company insiders.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.