Envestnet Asset Management Inc. Decreases Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Envestnet Asset Management Inc. cut its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 7.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 203,660 shares of the company’s stock after selling 15,228 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Magnolia Oil & Gas were worth $4,256,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. grew its position in shares of Magnolia Oil & Gas by 32.5% in the first quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock valued at $364,245,000 after purchasing an additional 4,086,152 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Magnolia Oil & Gas by 1.0% in the third quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock valued at $323,220,000 after purchasing an additional 168,670 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Magnolia Oil & Gas by 0.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock valued at $368,651,000 after purchasing an additional 55,508 shares in the last quarter. First Trust Advisors LP grew its position in shares of Magnolia Oil & Gas by 562.8% in the first quarter. First Trust Advisors LP now owns 8,926,500 shares of the company’s stock valued at $195,312,000 after purchasing an additional 7,579,743 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Magnolia Oil & Gas by 4.9% in the first quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock valued at $178,054,000 after purchasing an additional 354,812 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MGY. Mizuho lifted their price objective on Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, September 6th. Truist Financial lifted their price objective on Magnolia Oil & Gas from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. Wells Fargo & Company began coverage on Magnolia Oil & Gas in a research note on Wednesday, November 15th. They set an “equal weight” rating and a $23.00 price objective for the company. Finally, Citigroup dropped their price objective on Magnolia Oil & Gas from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday, October 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.67.

Magnolia Oil & Gas Trading Up 0.3 %

Shares of MGY stock opened at $21.75 on Tuesday. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $22.44 and a two-hundred day moving average price of $21.66. Magnolia Oil & Gas Co. has a 12-month low of $18.72 and a 12-month high of $26.78. The firm has a market cap of $4.50 billion, a P/E ratio of 8.00 and a beta of 2.06.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, November 1st. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $315.68 million for the quarter, compared to the consensus estimate of $318.30 million. Magnolia Oil & Gas had a return on equity of 25.75% and a net margin of 41.62%. The company’s quarterly revenue was down 34.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. Equities analysts anticipate that Magnolia Oil & Gas Co. will post 2.16 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 9th will be issued a $0.115 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $0.46 annualized dividend and a dividend yield of 2.11%. Magnolia Oil & Gas’s dividend payout ratio is currently 16.91%.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation 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.