Sterling Capital Management LLC Sells 25,807 Shares of Magnolia Oil & Gas Corp $MGY

Sterling Capital Management LLC lowered its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 76.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 7,790 shares of the company’s stock after selling 25,807 shares during the period. Sterling Capital Management LLC’s holdings in Magnolia Oil & Gas were worth $183,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MGY. Planning Project LLC bought a new position in Magnolia Oil & Gas in the second quarter valued at about $1,434,000. Public Employees Retirement System of Ohio acquired a new position in Magnolia Oil & Gas during the second quarter worth about $3,077,000. Janus Henderson Group PLC raised its stake in Magnolia Oil & Gas by 2.8% during the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after acquiring an additional 170,174 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in Magnolia Oil & Gas by 481.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 153,445 shares of the company’s stock worth $4,844,000 after acquiring an additional 127,077 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in shares of Magnolia Oil & Gas by 45.7% in the first quarter. Edgestream Partners L.P. now owns 352,998 shares of the company’s stock worth $11,144,000 after acquiring an additional 110,677 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MGY shares. Scotiabank assumed coverage on shares of Magnolia Oil & Gas in a report on Wednesday, October 14th. They set a “sector outperform” rating and a $31.00 price target on the stock. Weiss Ratings upgraded shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Mizuho raised shares of Magnolia Oil & Gas to a “strong-buy” rating in a research note on Friday, July 31st. Williams Trading set a $32.00 price objective on shares of Magnolia Oil & Gas in a research note on Wednesday, September 23rd. Finally, Citigroup cut their target price on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Magnolia Oil & Gas has a consensus rating of “Moderate Buy” and an average price target of $31.53.

Magnolia Oil & Gas Price Performance

MGY stock opened at $26.51 on Friday. The company has a fifty day moving average price of $25.73 and a 200-day moving average price of $27.01. The company has a market capitalization of $6.28 billion, a P/E ratio of 11.63 and a beta of 0.80. Magnolia Oil & Gas Corp has a 52-week low of $21.07 and a 52-week high of $32.76. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same quarter in the previous year, the business earned $0.41 earnings per share. Magnolia Oil & Gas’s revenue was up 50.1% compared to the same quarter last year. As a group, equities analysts expect that Magnolia Oil & Gas Corp will post 2.83 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 10th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, November 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 31.58%.

Insider Transactions at Magnolia Oil & Gas

In related news, Director David Khani bought 8,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average cost of $25.00 per share, with a total value of $200,000.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.92% of the stock is currently owned by corporate insiders.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.