Magnolia Oil & Gas Corp (NYSE:MGY – Get Free Report) traded down 5.5% during trading on Wednesday . The company traded as low as $27.23 and last traded at $26.9920. Approximately 471,580 shares were traded during mid-day trading, a decline of 86% from the average session volume of 3,401,651 shares. The stock had previously closed at $28.55.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the stock. UBS Group decreased their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Mizuho upgraded shares of Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. Zacks Research raised shares of Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating in a research note on Monday. Johnson Rice upgraded Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and lowered their target price for the stock from $33.00 to $32.00 in a report on Monday, August 17th. Finally, Roth Capital dropped their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.71.
Read Our Latest Report on Magnolia Oil & Gas
Magnolia Oil & Gas Stock Performance
Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. The firm had revenue of $478.81 million during the quarter, compared to analysts’ expectations of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS. As a group, research analysts anticipate 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. Shareholders of record on Monday, August 10th were issued a dividend of $0.18 per share. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. The ex-dividend date was Monday, August 10th. This represents a $0.72 annualized dividend and a yield of 2.7%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 31.58%.
Insiders Place Their Bets
In other Magnolia Oil & Gas news, Director David Khani purchased 8,000 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director directly owned 30,622 shares of the company’s stock, valued at approximately $765,550. This represents a 35.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.92% of the stock is currently owned by corporate insiders.
Institutional Trading of Magnolia Oil & Gas
Institutional investors have recently modified their holdings of the stock. Valued Wealth Advisors LLC purchased a new stake in shares of Magnolia Oil & Gas in the 1st quarter valued at about $29,000. Harbor Investment Advisory LLC purchased a new stake in shares of Magnolia Oil & Gas during the 2nd quarter worth $39,000. Ancora Advisors LLC purchased a new stake in Magnolia Oil & Gas during the second quarter worth about $51,000. Versant Capital Management Inc grew its holdings in shares of Magnolia Oil & Gas by 96.9% in the 2nd quarter. Versant Capital Management Inc now owns 2,257 shares of the company’s stock worth $58,000 after acquiring an additional 1,111 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in Magnolia Oil & Gas in the second quarter valued at $72,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.
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.
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