Commerce Bank Has $660,000 Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Commerce Bank decreased its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 7.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 37,105 shares of the company’s stock after selling 2,995 shares during the period. Commerce Bank’s holdings in Magnolia Oil & Gas were worth $660,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Avalon Investment & Advisory boosted its stake in Magnolia Oil & Gas by 2.7% in the third quarter. Avalon Investment & Advisory now owns 590,317 shares of the company’s stock worth $10,502,000 after purchasing an additional 15,564 shares in the last quarter. Swiss National Bank boosted its stake in Magnolia Oil & Gas by 0.5% in the third quarter. Swiss National Bank now owns 310,300 shares of the company’s stock worth $5,520,000 after purchasing an additional 1,500 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Magnolia Oil & Gas by 27.4% in the third quarter. Russell Investments Group Ltd. now owns 111,789 shares of the company’s stock worth $1,986,000 after purchasing an additional 24,027 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in Magnolia Oil & Gas by 104.7% in the third quarter. Los Angeles Capital Management LLC now owns 42,140 shares of the company’s stock worth $750,000 after purchasing an additional 21,550 shares in the last quarter. Finally, Moors & Cabot Inc. acquired a new position in Magnolia Oil & Gas in the third quarter worth $25,000.

A number of equities analysts have commented on MGY shares. Truist boosted their price objective on Magnolia Oil & Gas from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, October 7th. Piper Sandler boosted their price objective on Magnolia Oil & Gas from $18.00 to $25.00 and gave the stock an “overweight” rating in a research note on Thursday, October 21st. Wells Fargo & Company lowered Magnolia Oil & Gas from an “overweight” rating to an “equal weight” rating and set a $23.00 price target on the stock. in a research note on Wednesday, January 5th. JPMorgan Chase & Co. lowered Magnolia Oil & Gas from an “overweight” rating to a “neutral” rating and upped their price target for the company from $23.00 to $24.00 in a research note on Tuesday, December 7th. They noted that the move was a valuation call. Finally, Benchmark assumed coverage on Magnolia Oil & Gas in a research note on Tuesday, October 26th. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Buy” and a consensus target price of $20.88.

NYSE MGY opened at $22.23 on Friday. The stock has a 50-day simple moving average of $19.72 and a 200 day simple moving average of $17.68. The company has a market capitalization of $5.14 billion, a PE ratio of 13.23 and a beta of 2.46. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 0.43. Magnolia Oil & Gas Co. has a 12 month low of $8.40 and a 12 month high of $22.25.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Sunday, October 31st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.06. Magnolia Oil & Gas had a return on equity of 35.78% and a net margin of 33.08%. The company had revenue of $283.58 million during the quarter, compared to the consensus estimate of $278.35 million. During the same period in the prior year, the company earned $0.06 earnings per share. The company’s revenue for the quarter was up 134.2% compared to the same quarter last year. As a group, sell-side analysts predict that Magnolia Oil & Gas Co. will post 2.37 earnings per share for the current fiscal year.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in oil and gas exploration and production business. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on July 31, 2018 and is headquartered in Houston, TX.

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Institutional Ownership by Quarter for Magnolia Oil & Gas (NYSE:MGY)

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