Entropy Technologies LP Trims Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Entropy Technologies LP reduced its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 40.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,138 shares of the company’s stock after selling 8,387 shares during the period. Entropy Technologies LP’s holdings in Magnolia Oil & Gas were worth $296,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Diamond Hill Capital Management Inc. lifted its position in Magnolia Oil & Gas by 1.0% during the third quarter. Diamond Hill Capital Management Inc. now owns 565,939 shares of the company’s stock valued at $13,820,000 after purchasing an additional 5,536 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of Magnolia Oil & Gas by 4.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 77,092 shares of the company’s stock valued at $1,883,000 after buying an additional 3,230 shares during the period. Meritage Portfolio Management boosted its stake in shares of Magnolia Oil & Gas by 10.5% in the third quarter. Meritage Portfolio Management now owns 52,278 shares of the company’s stock worth $1,277,000 after buying an additional 4,974 shares during the last quarter. Covestor Ltd grew its holdings in Magnolia Oil & Gas by 36.8% during the third quarter. Covestor Ltd now owns 2,986 shares of the company’s stock worth $73,000 after acquiring an additional 804 shares during the period. Finally, Atria Investments Inc raised its position in Magnolia Oil & Gas by 2.3% during the third quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock valued at $576,000 after acquiring an additional 523 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $26.85 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $27.96. The firm has a market capitalization of $5.28 billion, a PE ratio of 13.29, a P/E/G ratio of 1.38 and a beta of 1.99. The business’s 50 day moving average price is $25.69 and its 200-day moving average price is $25.42.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. The company had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. As a group, equities research analysts expect that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.13 per share. The ex-dividend date is Friday, November 8th. This represents a $0.52 annualized dividend and a yield of 1.94%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.74%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MGY. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Wells Fargo & Company lowered shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $26.00 to $22.00 in a research report on Tuesday, October 1st. Bank of America upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Mizuho dropped their target price on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, Susquehanna reduced their price target on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $27.67.

Insider Buying and Selling at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. This represents a 76.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is owned by insiders.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.