abrdn plc Decreases Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

abrdn plc cut its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 9.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,119,345 shares of the company’s stock after selling 113,684 shares during the quarter. abrdn plc’s holdings in Magnolia Oil & Gas were worth $23,831,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in Magnolia Oil & Gas by 9.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,041,390 shares of the company’s stock valued at $64,751,000 after buying an additional 274,908 shares during the last quarter. Vest Financial LLC grew its position in shares of Magnolia Oil & Gas by 51.4% during the 4th quarter. Vest Financial LLC now owns 606,277 shares of the company’s stock valued at $12,908,000 after acquiring an additional 205,924 shares during the period. VisionPoint Advisory Group LLC grew its position in shares of Magnolia Oil & Gas by 112.3% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 1,537 shares of the company’s stock valued at $35,000 after acquiring an additional 813 shares during the period. Sei Investments Co. grew its position in shares of Magnolia Oil & Gas by 6.2% during the 3rd quarter. Sei Investments Co. now owns 818,397 shares of the company’s stock valued at $18,750,000 after acquiring an additional 47,564 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Magnolia Oil & Gas by 12.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,735,955 shares of the company’s stock valued at $39,771,000 after acquiring an additional 195,467 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th. Piper Sandler reissued a “neutral” rating and set a $29.00 price objective on shares of Magnolia Oil & Gas in a research report on Friday, April 19th. Bank of America started coverage on shares of Magnolia Oil & Gas in a research report on Tuesday, February 27th. They set a “buy” rating and a $25.00 price objective for the company. Citigroup upped their target price on shares of Magnolia Oil & Gas from $18.00 to $22.00 and gave the stock a “sell” rating in a report on Monday, April 15th. Finally, Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.63.

Magnolia Oil & Gas Trading Up 1.0 %

Shares of Magnolia Oil & Gas stock opened at $25.99 on Wednesday. The company has a market capitalization of $5.31 billion, a P/E ratio of 12.68, a P/E/G ratio of 1.57 and a beta of 2.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.88 and a current ratio of 1.88. The company has a fifty day moving average of $24.38 and a 200 day moving average of $22.45. Magnolia Oil & Gas Co. has a fifty-two week low of $18.72 and a fifty-two week high of $27.33.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.04). Magnolia Oil & Gas had a net margin of 31.65% and a return on equity of 21.21%. The company had revenue of $322.63 million for the quarter, compared to the consensus estimate of $324.95 million. On average, sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 2.09 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s dividend payout ratio is 25.37%.

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.