Wasatch Advisors LP Buys 484,683 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Wasatch Advisors LP grew its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 21.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,773,828 shares of the company’s stock after buying an additional 484,683 shares during the period. Wasatch Advisors LP’s holdings in Magnolia Oil & Gas were worth $64,852,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mather Group LLC. increased its position in Magnolia Oil & Gas by 100.0% in the fourth quarter. Mather Group LLC. now owns 1,090 shares of the company’s stock worth $25,000 after purchasing an additional 545 shares during the period. Larson Financial Group LLC raised its stake in shares of Magnolia Oil & Gas by 112.3% during the fourth quarter. Larson Financial Group LLC now owns 1,072 shares of the company’s stock worth $25,000 after buying an additional 567 shares during the last quarter. R Squared Ltd acquired a new position in Magnolia Oil & Gas in the fourth quarter valued at approximately $43,000. Avior Wealth Management LLC boosted its stake in Magnolia Oil & Gas by 30.0% in the fourth quarter. Avior Wealth Management LLC now owns 2,194 shares of the company’s stock valued at $51,000 after acquiring an additional 506 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Magnolia Oil & Gas by 95.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,777 shares of the company’s stock worth $88,000 after acquiring an additional 1,844 shares during the period. Institutional investors own 94.73% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on MGY. Johnson Rice lowered Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, January 28th. The Goldman Sachs Group cut Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and lowered their price target for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Piper Sandler lifted their price objective on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Truist Financial upped their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.54.

Insider Buying and Selling

In related news, CEO Christopher G. Stavros bought 2,500 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average price of $22.05 per share, with a total value of $55,125.00. Following the completion of the transaction, the chief executive officer now owns 892,372 shares in the company, valued at $19,676,802.60. The trade was a 0.28 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $20.28 on Wednesday. The company has a fifty day moving average price of $23.26 and a 200 day moving average price of $24.80. Magnolia Oil & Gas Co. has a 1-year low of $19.09 and a 1-year high of $29.02. The firm has a market cap of $3.94 billion, a PE ratio of 10.51, a PEG ratio of 3.01 and a beta of 1.57. The company has a current ratio of 1.42, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $326.61 million during the quarter, compared to the consensus estimate of $327.40 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. Research analysts predict that Magnolia Oil & Gas Co. will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s payout ratio is currently 31.09%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.