Magnolia Oil & Gas Co. (NYSE:MGY) Stake Cut by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 3.0% in the 4th quarter, Holdings Channel reports. The fund owned 51,224 shares of the company’s stock after selling 1,610 shares during the period. PNC Financial Services Group Inc.’s holdings in Magnolia Oil & Gas were worth $1,198,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. First Horizon Advisors Inc. raised its stake 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 in 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 valued at $1,438,000 after acquiring 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 valued at $582,000 after acquiring 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 valued at $51,000 after acquiring 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 valued at $576,000 after acquiring an additional 523 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Price Performance

Shares of MGY stock opened at $23.27 on Monday. The stock has a 50 day moving average of $24.12 and a two-hundred day moving average of $25.04. 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 Co. has a 12 month low of $21.63 and a 12 month high of $29.02. The company has a market capitalization of $4.52 billion, a P/E ratio of 12.06, a P/E/G ratio of 3.01 and a beta of 1.90.

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

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.58%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 31.09%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MGY shares. Piper Sandler increased their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Mizuho increased their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 16th. JPMorgan Chase & Co. lowered their price objective on Magnolia Oil & Gas from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday. The Goldman Sachs Group lowered Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $27.00 to $26.00 in a report on Friday, January 31st. Finally, Truist Financial raised their target price on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $27.77.

Insider Buying and Selling

In related news, CEO Christopher G. Stavros bought 2,500 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average price of $22.05 per share, for a total transaction of $55,125.00. Following the transaction, the chief executive officer now directly owns 892,372 shares of the company’s stock, valued at $19,676,802.60. This represents a 0.28 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.

About Magnolia Oil & Gas

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.