Meritage Portfolio Management Grows Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Meritage Portfolio Management increased its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,384 shares of the company’s stock after purchasing an additional 1,644 shares during the quarter. Meritage Portfolio Management’s holdings in Magnolia Oil & Gas were worth $1,179,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MGY. SG Americas Securities LLC boosted its stake in Magnolia Oil & Gas by 537.3% during the third quarter. SG Americas Securities LLC now owns 41,187 shares of the company’s stock valued at $944,000 after buying an additional 34,724 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Magnolia Oil & Gas by 7.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 115,205 shares of the company’s stock valued at $2,639,000 after purchasing an additional 8,365 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Magnolia Oil & Gas by 12.4% in the 3rd quarter. Raymond James & Associates now owns 371,743 shares of the company’s stock valued at $8,517,000 after purchasing an additional 41,037 shares during the last quarter. Argent Capital Management LLC lifted its stake in shares of Magnolia Oil & Gas by 29.0% in the 3rd quarter. Argent Capital Management LLC now owns 14,818 shares of the company’s stock valued at $339,000 after purchasing an additional 3,332 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Magnolia Oil & Gas by 4.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,302,941 shares of the company’s stock valued at $29,850,000 after purchasing an additional 55,922 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Up 0.3 %

Shares of Magnolia Oil & Gas stock traded up $0.09 during trading on Friday, reaching $26.37. The company’s stock had a trading volume of 613,389 shares, compared to its average volume of 3,172,991. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.21. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.59 and a beta of 2.05. Magnolia Oil & Gas Co. has a 1-year low of $18.72 and a 1-year high of $27.33. The company has a 50-day simple moving average of $24.60 and a two-hundred day simple moving average of $22.50.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). Magnolia Oil & Gas had a return on equity of 21.21% and a net margin of 31.65%. The business had revenue of $322.63 million during the quarter, compared to analyst estimates of $324.95 million. As a group, equities analysts forecast that Magnolia Oil & Gas Co. will post 2.09 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.52 dividend on an annualized basis and a yield of 1.97%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s payout ratio is currently 25.37%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday. Truist Financial increased their price target on Magnolia Oil & Gas from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Piper Sandler reiterated a “neutral” rating and issued a $29.00 price target on shares of Magnolia Oil & Gas in a report on Friday, April 19th. Mizuho increased their price target on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th. Finally, Citigroup raised their price objective on Magnolia Oil & Gas from $18.00 to $22.00 and gave the stock a “sell” rating in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.63.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.