Renaissance Technologies LLC Buys 517,500 Shares of Magnolia Oil & Gas Corp $MGY

Renaissance Technologies LLC lifted its stake in Magnolia Oil & Gas Corp (NYSE:MGY) by 43.7% in the first quarter, Holdings Channel.com reports. The firm owned 1,701,802 shares of the company’s stock after buying an additional 517,500 shares during the period. Renaissance Technologies LLC’s holdings in Magnolia Oil & Gas were worth $53,726,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Lido Advisors LLC raised its holdings in Magnolia Oil & Gas by 2.4% during the 4th 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. Oak Family Advisors LLC lifted its position in Magnolia Oil & Gas by 0.9% in the fourth quarter. Oak Family Advisors LLC now owns 47,620 shares of the company’s stock worth $1,042,000 after buying an additional 410 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake 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 worth $102,000 after buying an additional 422 shares during the period. GAMMA Investing LLC boosted its stake in Magnolia Oil & Gas by 8.0% during the fourth quarter. GAMMA Investing LLC now owns 6,130 shares of the company’s stock worth $134,000 after buying an additional 453 shares during the period. Finally, Coldstream Capital Management Inc. increased 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 valued at $380,000 after acquiring an additional 482 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MGY shares. Wells Fargo & Company reduced their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 13th. Truist Financial cut their price target on shares of Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating on the stock in a report on Tuesday, July 7th. Weiss Ratings lowered shares of Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 21st. Mizuho decreased their price objective on shares of Magnolia Oil & Gas from $35.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, KeyCorp restated an “overweight” rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. Eight analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $31.42.

Magnolia Oil & Gas Stock Performance

MGY stock opened at $25.33 on Monday. Magnolia Oil & Gas Corp has a twelve month low of $21.07 and a twelve month high of $32.76. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of 14.73 and a beta of 0.70. The business’s fifty day simple moving average is $27.03 and its two-hundred day simple moving average is $27.46. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.19.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $358.51 million during the quarter, compared to analyst estimates of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. Analysts predict that Magnolia Oil & Gas Corp will post 2.7 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, May 12th. Magnolia Oil & Gas’s payout ratio is 38.37%.

Magnolia Oil & Gas Company Profile

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).