Fred Alger Management LLC Decreases Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Fred Alger Management LLC decreased its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 22.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 262,082 shares of the company’s stock after selling 73,711 shares during the period. Fred Alger Management LLC’s holdings in Magnolia Oil & Gas were worth $6,127,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Barclays PLC grew its holdings in shares of Magnolia Oil & Gas by 62.5% in the third quarter. Barclays PLC now owns 1,653,736 shares of the company’s stock valued at $40,383,000 after purchasing an additional 636,049 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Magnolia Oil & Gas by 21.9% in the 3rd quarter. Tidal Investments LLC now owns 34,636 shares of the company’s stock worth $846,000 after buying an additional 6,225 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Magnolia Oil & Gas by 10.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,015,960 shares of the company’s stock worth $49,238,000 after buying an additional 184,793 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Magnolia Oil & Gas by 1.3% during the 4th quarter. Nordea Investment Management AB now owns 422,341 shares of the company’s stock valued at $9,938,000 after buying an additional 5,455 shares in the last quarter. Finally, Fulton Bank N.A. lifted its holdings in shares of Magnolia Oil & Gas by 10.9% in the 4th quarter. Fulton Bank N.A. now owns 11,534 shares of the company’s stock valued at $270,000 after acquiring an additional 1,129 shares during the last quarter. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $21.97 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.42. The company has a 50 day moving average price of $22.38 and a 200-day moving average price of $24.18. Magnolia Oil & Gas Co. has a fifty-two week low of $19.09 and a fifty-two week high of $29.02. The stock has a market capitalization of $4.27 billion, a PE ratio of 11.38, a PEG ratio of 3.01 and a beta of 1.25.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $350.30 million during the quarter, compared to analyst estimates of $337.83 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. Magnolia Oil & Gas’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share. Equities analysts predict that Magnolia Oil & Gas Co. will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 12th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Monday, May 12th. Magnolia Oil & Gas’s payout ratio is 29.85%.

Insider Activity

In other Magnolia Oil & Gas news, CEO Christopher G. Stavros acquired 2,500 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was purchased at an average price of $22.05 per share, for a total transaction of $55,125.00. Following the acquisition, the chief executive officer now owns 892,372 shares in the company, valued at approximately $19,676,802.60. This trade represents a 0.28 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MGY shares. Bank of America reissued a “neutral” rating and set a $28.00 price objective (down from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Johnson Rice lowered Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a report on Tuesday, January 28th. Truist Financial lifted their price objective on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Susquehanna reduced their target price on shares of Magnolia Oil & Gas from $31.00 to $30.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Finally, Citigroup cut their price target on shares of Magnolia Oil & Gas from $22.00 to $19.00 and set a “sell” rating on the stock in a report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $27.21.

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.