Legal & General Group Plc Sells 26,434 Shares of Magnolia Oil & Gas Corp $MGY

Legal & General Group Plc reduced its stake in Magnolia Oil & Gas Corp (NYSE:MGY) by 5.7% during the fourth quarter, HoldingsChannel reports. The firm owned 436,753 shares of the company’s stock after selling 26,434 shares during the period. Legal & General Group Plc’s holdings in Magnolia Oil & Gas were worth $9,561,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. New Age Alpha Advisors LLC raised its stake in shares of Magnolia Oil & Gas by 415.9% during the fourth quarter. New Age Alpha Advisors LLC now owns 28,072 shares of the company’s stock worth $614,000 after acquiring an additional 22,631 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Magnolia Oil & Gas by 83.0% during the fourth quarter. Hantz Financial Services Inc. now owns 13,849 shares of the company’s stock worth $303,000 after acquiring an additional 6,281 shares in the last quarter. Jefferies Financial Group Inc. raised its stake in shares of Magnolia Oil & Gas by 473.6% during the fourth quarter. Jefferies Financial Group Inc. now owns 614,682 shares of the company’s stock worth $13,455,000 after acquiring an additional 507,524 shares in the last quarter. MQS Management LLC purchased a new position in shares of Magnolia Oil & Gas during the fourth quarter worth approximately $967,000. Finally, Diamond Hill Capital Management Inc. raised its stake in shares of Magnolia Oil & Gas by 210.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 414,817 shares of the company’s stock worth $9,080,000 after acquiring an additional 281,234 shares in the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Dan F. Smith sold 18,000 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.01, for a total transaction of $522,180.00. Following the transaction, the director owned 119,204 shares in the company, valued at approximately $3,458,108.04. This represents a 13.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian Corales sold 33,000 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were 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. This represents a 15.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 338,954 shares of company stock worth $9,911,733 over the last quarter. 0.92% of the stock is owned by insiders.

Magnolia Oil & Gas Price Performance

MGY stock opened at $28.25 on Friday. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76. The company has a market cap of $5.23 billion, a P/E ratio of 16.43 and a beta of 0.71. The firm has a 50-day moving average of $29.40 and a 200 day moving average of $26.46. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The firm had revenue of $358.51 million for the quarter, compared to analysts’ expectations of $349.89 million. During the same quarter in the previous year, the business posted $0.54 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts forecast that Magnolia Oil & Gas Corp will post 2.85 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were paid a $0.165 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a yield of 2.3%. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

Analyst Upgrades and Downgrades

Several research analysts have commented on MGY shares. UBS Group lifted their price target on shares of Magnolia Oil & Gas from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Truist Financial lifted their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. KeyCorp lifted their target price on shares of Magnolia Oil & Gas from $30.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Wells Fargo & Company decreased their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 13th. Finally, The Goldman Sachs Group lifted their target price on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 11th. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average price target of $31.42.

Magnolia Oil & Gas Company 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).