Vest Financial LLC Trims Stake in Magnolia Oil & Gas Corp $MGY

Vest Financial LLC reduced its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 14.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 80,015 shares of the company’s stock after selling 13,096 shares during the quarter. Vest Financial LLC’s holdings in Magnolia Oil & Gas were worth $1,799,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MGY. Opal Wealth Advisors LLC purchased a new position in Magnolia Oil & Gas during the first quarter valued at approximately $30,000. Farther Finance Advisors LLC raised its position in Magnolia Oil & Gas by 16.8% during the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company’s stock valued at $111,000 after acquiring an additional 629 shares in the last quarter. GAMMA Investing LLC raised its position in Magnolia Oil & Gas by 98.6% during the second quarter. GAMMA Investing LLC now owns 5,009 shares of the company’s stock valued at $113,000 after acquiring an additional 2,487 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Magnolia Oil & Gas by 34.3% during the first quarter. Smartleaf Asset Management LLC now owns 5,072 shares of the company’s stock valued at $128,000 after acquiring an additional 1,295 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in Magnolia Oil & Gas during the first quarter valued at approximately $136,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on MGY shares. Citigroup reiterated a “sell” rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Piper Sandler boosted their price objective on Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Mizuho cut their price objective on Magnolia Oil & Gas from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Monday, September 15th. Weiss Ratings restated a “hold (c)” rating on shares of Magnolia Oil & Gas in a research report on Wednesday, October 8th. Finally, William Blair started coverage on Magnolia Oil & Gas in a research report on Monday, August 25th. They issued an “outperform” rating for the company. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $26.09.

Magnolia Oil & Gas Stock Down 1.0%

Shares of MGY opened at $23.08 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.44 and a current ratio of 1.44. Magnolia Oil & Gas Corp has a one year low of $19.09 and a one year high of $29.02. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 3.08 and a beta of 1.24. The stock has a 50 day moving average price of $23.98 and a 200 day moving average price of $23.04.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.The firm had revenue of $318.98 million during the quarter, compared to analysts’ expectations of $311.58 million. During the same period in the previous year, the business earned $0.51 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities research analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 11th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, August 11th. Magnolia Oil & Gas’s payout ratio is presently 31.41%.

Magnolia Oil & Gas 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.