Magnolia Oil & Gas Corp $MGY Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its holdings in Magnolia Oil & Gas Corp (NYSE:MGY) by 29.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 120,265 shares of the company’s stock after buying an additional 27,069 shares during the period. State of Alaska Department of Revenue’s holdings in Magnolia Oil & Gas were worth $2,632,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MGY. EverSource Wealth Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after buying an additional 864 shares during the last quarter. Mather Group LLC. acquired a new position in Magnolia Oil & Gas in the 3rd quarter valued at about $31,000. Geneos Wealth Management Inc. raised its stake in Magnolia Oil & Gas by 90.5% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock valued at $50,000 after acquiring an additional 1,051 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in Magnolia Oil & Gas during the 4th quarter valued at approximately $54,000. Finally, Nisa Investment Advisors LLC lifted its position in Magnolia Oil & Gas by 31.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,003 shares of the company’s stock worth $72,000 after acquiring an additional 720 shares during the period. Institutional investors and hedge funds own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MGY shares. Bank of America upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and lifted their target price for the company from $26.00 to $28.00 in a research note on Friday, January 16th. Piper Sandler upped their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Siebert Williams Shank downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a report on Friday, March 6th. The Goldman Sachs Group lifted their price objective on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Finally, Mizuho set a $30.00 price objective on shares of Magnolia Oil & Gas in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Magnolia Oil & Gas Stock Down 3.3%

Magnolia Oil & Gas stock opened at $27.61 on Friday. The stock’s 50 day moving average price is $29.05 and its 200 day moving average price is $25.10. Magnolia Oil & Gas Corp has a 1-year low of $19.97 and a 1-year high of $32.76. The company has a market cap of $5.15 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 1.70 and a beta of 0.83. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The firm had revenue of $317.63 million during the quarter, compared to analysts’ expectations of $322.18 million. During the same quarter in the prior year, the business posted $0.44 earnings per share. Magnolia Oil & Gas’s revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts predict that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th were paid a dividend of $0.165 per share. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. Magnolia Oil & Gas’s dividend payout ratio is currently 38.37%.

Insiders Place Their Bets

In related news, CEO Christopher G. Stavros sold 119,954 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.29, for a total transaction of $3,513,452.66. Following the sale, the chief executive officer owned 883,592 shares of the company’s stock, valued at approximately $25,880,409.68. The trade was a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Corales sold 33,000 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $29.12, for a total transaction of $960,960.00. Following the transaction, the chief financial officer owned 184,178 shares in the company, valued at $5,363,263.36. The trade was a 15.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 338,954 shares of company stock worth $9,911,733. Insiders own 0.92% of the company’s stock.

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).