Corebridge Financial Inc. Has $2.30 Million Stock Position in Magnolia Oil & Gas Corp $MGY

Corebridge Financial Inc. reduced its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 2.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 91,015 shares of the company’s stock after selling 1,826 shares during the quarter. Corebridge Financial Inc.’s holdings in Magnolia Oil & Gas were worth $2,299,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in Magnolia Oil & Gas by 4.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,470 shares of the company’s stock worth $391,000 after buying an additional 715 shares during the period. Foster Victor Wealth Advisors LLC raised its stake in Magnolia Oil & Gas by 7.1% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 336,917 shares of the company’s stock worth $8,511,000 after buying an additional 22,402 shares during the period. GF Fund Management CO. LTD. acquired a new position in Magnolia Oil & Gas during the 4th quarter worth approximately $1,370,000. Northern Trust Corp raised its stake in Magnolia Oil & Gas by 7.3% during the 4th quarter. Northern Trust Corp now owns 1,936,398 shares of the company’s stock worth $45,273,000 after buying an additional 131,941 shares during the period. Finally, Bessemer Group Inc. raised its stake in Magnolia Oil & Gas by 4.4% during the 1st quarter. Bessemer Group Inc. now owns 836,386 shares of the company’s stock worth $21,127,000 after buying an additional 35,575 shares during the period. 94.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGY has been the topic of a number of research reports. Bank of America upped their price target on Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, May 23rd. Citigroup reissued a “sell” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 10th. Wells Fargo & Company lowered their price objective on Magnolia Oil & Gas from $22.00 to $21.00 and set an “underweight” rating for the company in a research note on Monday, June 16th. UBS Group reissued a “buy” rating and issued a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Finally, William Blair initiated coverage on Magnolia Oil & Gas in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average price target of $26.67.

Magnolia Oil & Gas Stock Performance

MGY stock opened at $25.22 on Wednesday. The firm has a market cap of $4.81 billion, a PE ratio of 13.21, a P/E/G ratio of 3.28 and a beta of 1.33. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average of $23.64 and a 200-day moving average of $23.02. Magnolia Oil & Gas Corp has a 12-month low of $19.09 and a 12-month high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, July 30th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. The company had revenue of $318.98 million during the quarter, compared to analyst estimates of $311.58 million. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.Magnolia Oil & Gas’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 earnings per share. As a group, sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 11th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. Magnolia Oil & Gas’s dividend payout ratio is currently 31.41%.

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.