Magnolia Oil & Gas (NYSE:MGY) Stock Price Down 5.6% – What’s Next?

Magnolia Oil & Gas Corp (NYSE:MGY)’s share price traded down 5.6% during trading on Monday . The stock traded as low as $25.74 and last traded at $25.74. 4,403,182 shares changed hands during trading, an increase of 57% from the average daily volume of 2,801,536 shares. The stock had previously closed at $27.26.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MGY. Truist Financial lowered their price objective on shares of Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating on the stock in a research report on Tuesday, July 7th. Wells Fargo & Company reduced their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 13th. KeyCorp reaffirmed an “overweight” rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. UBS Group dropped their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Finally, Citigroup reduced their price objective on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, April 13th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $31.08.

Magnolia Oil & Gas Price Performance

The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 15.00 and a beta of 0.70. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.19. The company’s 50 day simple moving average is $27.36 and its 200-day simple moving average is $27.34.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $358.51 million for the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.54 earnings per share. On average, equities research analysts predict that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.66 annualized dividend and a dividend yield of 2.6%. Magnolia Oil & Gas’s payout ratio is currently 38.37%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Fulton Bank N.A. lifted its stake in shares of Magnolia Oil & Gas by 25.7% in the 2nd quarter. Fulton Bank N.A. now owns 14,292 shares of the company’s stock valued at $366,000 after purchasing an additional 2,923 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Magnolia Oil & Gas in the second quarter worth $210,000. GAMMA Investing LLC lifted its holdings in shares of Magnolia Oil & Gas by 10.1% during the 2nd quarter. GAMMA Investing LLC now owns 7,572 shares of the company’s stock valued at $194,000 after acquiring an additional 697 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in Magnolia Oil & Gas during the 2nd quarter worth $39,000. Finally, Central Pacific Bank Trust Division purchased a new stake in Magnolia Oil & Gas during the 2nd quarter worth $149,000. 94.73% of the stock is owned by hedge funds and other institutional investors.

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).