Royal Bank of Canada Sells 58,565 Shares of Magnolia Oil & Gas Corp $MGY

Royal Bank of Canada reduced its holdings in Magnolia Oil & Gas Corp (NYSE:MGY) by 36.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 100,559 shares of the company’s stock after selling 58,565 shares during the quarter. Royal Bank of Canada’s holdings in Magnolia Oil & Gas were worth $3,175,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MGY. Arrowstreet Capital Limited Partnership grew its holdings in Magnolia Oil & Gas by 790.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock worth $197,748,000 after acquiring an additional 5,560,619 shares during the period. Epoch Investment Partners Inc. lifted its stake in shares of Magnolia Oil & Gas by 58.7% in the 3rd quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock valued at $98,789,000 after purchasing an additional 1,531,061 shares during the period. HITE Hedge Asset Management LLC boosted its position in shares of Magnolia Oil & Gas by 661.5% in the 4th quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company’s stock worth $31,837,000 after purchasing an additional 1,263,407 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Magnolia Oil & Gas by 26.6% in the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock worth $124,156,000 after purchasing an additional 1,193,458 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Magnolia Oil & Gas by 116.4% during the fourth quarter. Voloridge Investment Management LLC now owns 969,487 shares of the company’s stock worth $21,222,000 after purchasing an additional 521,459 shares during the period. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Stock Up 1.5%

NYSE:MGY opened at $26.25 on Friday. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76. The stock has a 50-day moving average price of $26.01 and a two-hundred day moving average price of $27.69. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 11.51 and a beta of 0.72. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The company had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same quarter last year, the firm posted $0.41 earnings per share. Magnolia Oil & Gas’s revenue was up 50.1% compared to the same quarter last year. As a group, equities analysts expect that Magnolia Oil & Gas Corp will post 2.79 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 10th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, August 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 31.58%.

Insider Buying and Selling

In related news, Director David M. Khani bought 8,000 shares of the company’s stock in a transaction on Friday, August 7th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the acquisition, the director owned 30,622 shares of the company’s stock, valued at approximately $765,550. This represents a 35.36% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MGY shares. Weiss Ratings upgraded Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday. KeyCorp restated an “overweight” rating and set a $38.00 target price on shares of Magnolia Oil & Gas in a report on Wednesday. Zacks Research lowered Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Roth Capital lowered their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company increased their price target on shares of Magnolia Oil & Gas from $31.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.58.

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).