Principal Financial Group Inc. Boosts Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Principal Financial Group Inc. increased its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 14.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,308,825 shares of the company’s stock after purchasing an additional 292,865 shares during the period. Principal Financial Group Inc.’s holdings in Magnolia Oil & Gas were worth $53,983,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. First Horizon Advisors Inc. raised its position in shares of Magnolia Oil & Gas by 64.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after purchasing an additional 396 shares during the last quarter. Albert D Mason Inc. increased its holdings in shares of Magnolia Oil & Gas by 0.7% during the 4th quarter. Albert D Mason Inc. now owns 61,497 shares of the company’s stock worth $1,438,000 after buying an additional 411 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Magnolia Oil & Gas by 2.2% during the 3rd quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after buying an additional 506 shares during the last quarter. Avior Wealth Management LLC increased its holdings in shares of Magnolia Oil & Gas by 30.0% during the 4th quarter. Avior Wealth Management LLC now owns 2,194 shares of the company’s stock worth $51,000 after buying an additional 506 shares during the last quarter. Finally, Atria Investments Inc increased its holdings in shares of Magnolia Oil & Gas by 2.3% during the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock worth $576,000 after buying an additional 523 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $24.58 on Friday. The company’s fifty day moving average price is $24.24 and its 200 day moving average price is $25.22. Magnolia Oil & Gas Co. has a 12 month low of $21.49 and a 12 month high of $29.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The firm has a market capitalization of $4.83 billion, a P/E ratio of 12.74, a P/E/G ratio of 2.96 and a beta of 1.98.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Magnolia Oil & Gas had a net margin of 27.82% and a return on equity of 20.85%. The firm had revenue of $326.61 million for the quarter, compared to analyst estimates of $327.40 million. As a group, sell-side analysts predict that Magnolia Oil & Gas Co. will post 2.08 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be paid a dividend of $0.15 per share. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, February 14th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 31.09%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MGY. Piper Sandler raised their price target on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Johnson Rice cut shares of Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, January 28th. Mizuho raised their price target on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. The Goldman Sachs Group cut shares of Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and decreased their price target for the company from $27.00 to $26.00 in a research report on Friday, January 31st. Finally, Bank of America reissued a “neutral” rating and issued a $28.00 price target (down previously from $29.00) on shares of Magnolia Oil & Gas in a research report on Monday, January 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average price target of $27.58.

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.