HITE Hedge Asset Management LLC Has $31.84 Million Stock Position in Magnolia Oil & Gas Corp $MGY

HITE Hedge Asset Management LLC raised its holdings in Magnolia Oil & Gas Corp (NYSE:MGY) by 661.5% in the 4th quarter, HoldingsChannel reports. The fund owned 1,454,388 shares of the company’s stock after acquiring an additional 1,263,407 shares during the period. Magnolia Oil & Gas comprises approximately 2.0% of HITE Hedge Asset Management LLC’s holdings, making the stock its 13th biggest position. HITE Hedge Asset Management LLC’s holdings in Magnolia Oil & Gas were worth $31,837,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC increased its position in Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after acquiring an additional 760 shares during the period. EverSource Wealth Advisors LLC increased its position in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after acquiring an additional 864 shares during the period. Torren Management LLC acquired a new position in Magnolia Oil & Gas in the 4th quarter valued at approximately $38,000. Parallel Advisors LLC increased its position in Magnolia Oil & Gas by 79.8% in the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after acquiring an additional 785 shares during the period. Finally, First Horizon Corp increased its position in Magnolia Oil & Gas by 159.8% in the 4th quarter. First Horizon Corp now owns 1,889 shares of the company’s stock valued at $41,000 after acquiring an additional 1,162 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Trading Up 1.3%

NYSE:MGY opened at $27.59 on Friday. The firm’s fifty day moving average is $28.92 and its 200-day moving average is $26.65. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10. Magnolia Oil & Gas Corp has a 52 week low of $21.07 and a 52 week high of $32.76. The firm has a market cap of $5.10 billion, a P/E ratio of 16.04 and a beta of 0.71.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company had revenue of $358.51 million for the quarter, compared to analyst estimates of $349.89 million. During the same period in the prior year, the firm posted $0.54 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Equities analysts expect that Magnolia Oil & Gas Corp will post 2.82 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, May 12th. Magnolia Oil & Gas’s dividend payout ratio is currently 38.37%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MGY. Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research report on Friday, March 6th. Wells Fargo & Company decreased their price target on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 13th. Piper Sandler upped their price target on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Citigroup reduced their price objective on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, April 13th. Finally, Mizuho upped their price objective on shares of Magnolia Oil & Gas from $33.00 to $35.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $31.42.

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).