Magnolia Oil & Gas (NYSE:MGY) Announces Quarterly Earnings Results

Magnolia Oil & Gas (NYSE:MGY) released its quarterly earnings data on Wednesday. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03, Zacks reports. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%.

Magnolia Oil & Gas Stock Performance

MGY traded down $2.09 during trading on Wednesday, hitting $28.77. 3,457,246 shares of the company traded hands, compared to its average volume of 2,873,918. The firm has a market cap of $5.36 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 1.94 and a beta of 0.75. The stock’s fifty day moving average is $29.61 and its 200 day moving average is $25.54. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas has a one year low of $20.45 and a one year high of $32.76.

Magnolia Oil & Gas Announces Dividend

The business also recently declared 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 yield of 2.3%. Magnolia Oil & Gas’s dividend payout ratio is presently 38.37%.

Insider Activity at Magnolia Oil & Gas

In related news, Director Dan F. Smith sold 18,000 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.01, for a total transaction of $522,180.00. Following the completion of the transaction, the director owned 119,204 shares in the company, valued at approximately $3,458,108.04. This represents a 13.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Corales sold 33,000 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.12, for a total transaction of $960,960.00. Following the transaction, the chief financial officer owned 184,178 shares of the company’s stock, valued at approximately $5,363,263.36. The trade was a 15.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 338,954 shares of company stock valued at $9,911,733 in the last 90 days. 0.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several institutional investors have recently added to or reduced their stakes in the stock. Lido Advisors LLC grew its position in Magnolia Oil & Gas by 2.4% during the fourth quarter. Lido Advisors LLC now owns 16,197 shares of the company’s stock valued at $382,000 after buying an additional 387 shares during the period. Smartleaf Asset Management LLC grew its position in Magnolia Oil & Gas by 10.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,624 shares of the company’s stock valued at $102,000 after buying an additional 422 shares during the period. Coldstream Capital Management Inc. boosted its position in Magnolia Oil & Gas by 3.1% during the third quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock worth $380,000 after purchasing an additional 482 shares during the period. Stifel Financial Corp boosted its position in Magnolia Oil & Gas by 1.6% during the fourth quarter. Stifel Financial Corp now owns 36,980 shares of the company’s stock worth $809,000 after purchasing an additional 585 shares during the period. Finally, Cetera Investment Advisers boosted its position in Magnolia Oil & Gas by 3.9% during the fourth quarter. Cetera Investment Advisers now owns 16,682 shares of the company’s stock worth $365,000 after purchasing an additional 621 shares during the period. Institutional investors own 94.73% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on MGY. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a report on Wednesday, January 21st. BMO Capital Markets started coverage on shares of Magnolia Oil & Gas in a report on Friday, January 9th. They issued an “outperform” rating and a $27.00 target price for the company. Zacks Research upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 26th. Mizuho set a $30.00 target price on shares of Magnolia Oil & Gas in a report on Friday, February 6th. Finally, Piper Sandler increased their target price on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.08.

About Magnolia Oil & Gas

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).