Edgestream Partners L.P. Boosts Stock Position in Magnolia Oil & Gas Corp $MGY

Edgestream Partners L.P. raised its holdings in Magnolia Oil & Gas Corp (NYSE:MGY) by 45.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 352,998 shares of the company’s stock after purchasing an additional 110,677 shares during the quarter. Magnolia Oil & Gas accounts for 0.4% of Edgestream Partners L.P.’s investment portfolio, making the stock its 28th largest position. Edgestream Partners L.P.’s holdings in Magnolia Oil & Gas were worth $11,144,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Salomon & Ludwin LLC raised its stake in shares of Magnolia Oil & Gas by 130.1% during the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after purchasing an additional 760 shares during the period. Valued Wealth Advisors LLC bought a new position in Magnolia Oil & Gas during the first quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its position in Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after buying an additional 864 shares during the period. Torren Management LLC purchased a new stake in Magnolia Oil & Gas during the fourth quarter worth about $38,000. Finally, Parallel Advisors LLC increased its holdings in Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after buying an additional 785 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on MGY. UBS Group lowered their price objective on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. 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 note on Wednesday, May 13th. Mizuho decreased their price target 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, July 22nd. Roth Capital lowered their price target on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Finally, Zacks Research downgraded Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Nine investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Moderate Buy” and a consensus target price of $31.50.

Magnolia Oil & Gas Trading Up 6.9%

Shares of MGY opened at $25.00 on Thursday. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The business has a 50-day moving average of $26.68 and a 200 day moving average of $27.51. The firm has a market cap of $4.62 billion, a P/E ratio of 14.54 and a beta of 0.70. 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 (NYSE:MGY) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $358.51 million for the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. As a group, research analysts forecast that Magnolia Oil & Gas Corp will post 2.7 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 10th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, August 10th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. Magnolia Oil & Gas’s dividend payout ratio is currently 38.37%.

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).