Truist Financial Corp Sells 68,768 Shares of Magnolia Oil & Gas Corp $MGY

Truist Financial Corp cut its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 66.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 34,153 shares of the company’s stock after selling 68,768 shares during the quarter. Truist Financial Corp’s holdings in Magnolia Oil & Gas were worth $748,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Salomon & Ludwin LLC increased its position in Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after acquiring an additional 760 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after purchasing an additional 864 shares during the period. Torren Management LLC acquired a new position in shares of Magnolia Oil & Gas during the fourth quarter worth $38,000. First Horizon Corp grew its stake in shares of Magnolia Oil & Gas by 159.8% in the fourth quarter. First Horizon Corp now owns 1,889 shares of the company’s stock worth $41,000 after purchasing an additional 1,162 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Magnolia Oil & Gas by 90.5% in the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock valued at $50,000 after purchasing an additional 1,051 shares during the period. 94.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Citigroup lowered their target price on 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. The Goldman Sachs Group upped their price target on Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Truist Financial increased their price target on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “hold” rating in a research note on Monday, April 27th. Wells Fargo & Company lowered their price objective on Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Mizuho set a $30.00 price objective on Magnolia Oil & Gas in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Insider Activity at Magnolia Oil & Gas

In related news, CFO Brian Corales sold 33,000 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.12, for a total transaction of $960,960.00. Following the completion of the sale, the chief financial officer owned 184,178 shares of the company’s stock, valued at $5,363,263.36. This trade represents a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Edward P. Djerejian sold 18,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $28.98, for a total value of $521,640.00. Following the completion of the sale, the director owned 110,425 shares of the company’s stock, valued at approximately $3,200,116.50. The trade was a 14.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 338,954 shares of company stock worth $9,911,733 over the last quarter. 0.92% of the stock is owned by company insiders.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $29.55 on Monday. Magnolia Oil & Gas Corp has a twelve month low of $21.07 and a twelve month high of $32.76. The firm has a fifty day simple moving average of $29.73 and a 200 day simple moving average of $25.86. The company has a market capitalization of $5.47 billion, a PE ratio of 17.18 and a beta of 0.75. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.19.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The business had revenue of $358.51 million for the quarter, compared to analysts’ expectations of $349.89 million. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts forecast that Magnolia Oil & Gas Corp will post 2.91 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Tuesday, May 12th will be given a dividend of $0.165 per share. The ex-dividend date is Tuesday, May 12th. This represents a $0.66 annualized dividend and a dividend yield of 2.2%. Magnolia Oil & Gas’s dividend payout ratio is presently 38.37%.

Magnolia Oil & Gas Profile

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).