Meritage Portfolio Management Buys 19,718 Shares of Magnolia Oil & Gas Corp $MGY

Meritage Portfolio Management lifted its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 50.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 58,956 shares of the company’s stock after buying an additional 19,718 shares during the quarter. Meritage Portfolio Management’s holdings in Magnolia Oil & Gas were worth $1,291,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MGY. GAMMA Investing LLC grew its position in shares of Magnolia Oil & Gas by 8.0% in the fourth quarter. GAMMA Investing LLC now owns 6,130 shares of the company’s stock valued at $134,000 after purchasing an additional 453 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Magnolia Oil & Gas by 3.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock worth $380,000 after purchasing an additional 482 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Magnolia Oil & Gas by 13.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,284 shares of the company’s stock worth $102,000 after purchasing an additional 500 shares in the last quarter. Amalgamated Bank raised its position in shares of Magnolia Oil & Gas by 1.0% in the third quarter. Amalgamated Bank now owns 53,307 shares of the company’s stock valued at $1,272,000 after buying an additional 552 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its stake in shares of Magnolia Oil & Gas by 0.4% in the second quarter. Lazard Asset Management LLC now owns 167,071 shares of the company’s stock valued at $3,755,000 after buying an additional 671 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Brian Corales sold 33,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.12, for a total value of $960,960.00. Following the transaction, the chief financial officer directly owned 184,178 shares of the company’s stock, valued at $5,363,263.36. The trade was a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher G. Stavros sold 119,954 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.29, for a total transaction of $3,513,452.66. Following the transaction, 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 position. The SEC filing for this sale provides additional information. Insiders sold 338,954 shares of company stock valued at $9,911,733 over the last 90 days. 0.92% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MGY shares. KeyCorp upped their target price on Magnolia Oil & Gas from $30.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Wells Fargo & Company upped their target price on Magnolia Oil & Gas from $25.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, April 10th. Truist Financial started coverage on Magnolia Oil & Gas in a research report on Tuesday, March 24th. They set a “hold” rating and a $33.00 price objective for the company. Roth Mkm reissued a “neutral” rating and issued a $32.00 target price (up from $29.00) on shares of Magnolia Oil & Gas in a report on Wednesday, April 8th. Finally, Piper Sandler upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Magnolia Oil & Gas Stock Up 2.7%

Shares of NYSE MGY opened at $28.73 on Wednesday. Magnolia Oil & Gas Corp has a 1 year low of $20.25 and a 1 year high of $32.76. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54. The firm has a market cap of $5.35 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.68 and a beta of 0.83. The company has a 50 day simple moving average of $29.10 and a 200 day simple moving average of $25.19.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. The firm had revenue of $317.63 million during the quarter, compared to analysts’ expectations of $322.18 million. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The company’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 EPS. On average, research analysts forecast that Magnolia Oil & Gas Corp will post 2.67 EPS for the current 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 $0.165 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 2.3%. Magnolia Oil & Gas’s payout ratio is currently 38.37%.

Magnolia Oil & Gas Profile

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).