Magnolia Oil & Gas Corp $MGY Position Increased by Conestoga Capital Advisors LLC

Conestoga Capital Advisors LLC lifted its position in Magnolia Oil & Gas Corp (NYSE:MGY) by 4.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 978,785 shares of the company’s stock after buying an additional 43,180 shares during the period. Conestoga Capital Advisors LLC’s holdings in Magnolia Oil & Gas were worth $22,992,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Planning Project LLC purchased a new stake in Magnolia Oil & Gas during the second quarter valued at approximately $1,434,000. Public Employees Retirement System of Ohio purchased a new position in Magnolia Oil & Gas in the second quarter worth $3,077,000. Janus Henderson Group PLC grew its holdings in Magnolia Oil & Gas by 2.8% in the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after purchasing an additional 170,174 shares during the last quarter. Edgestream Partners L.P. increased its position in shares of Magnolia Oil & Gas by 45.7% during the first quarter. Edgestream Partners L.P. now owns 352,998 shares of the company’s stock worth $11,144,000 after purchasing an additional 110,677 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Magnolia Oil & Gas by 43.7% during the first quarter. Renaissance Technologies LLC now owns 1,701,802 shares of the company’s stock worth $53,726,000 after purchasing an additional 517,500 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

More Magnolia Oil & Gas News

Here are the key news stories impacting Magnolia Oil & Gas this week:

• Positive Sentiment: Magnolia reported Q3 earnings of $0.71 per share, above the cited analyst estimate of $0.58 and up from $0.42 a year earlier. Revenue was $513.9 million, exceeding the $474.4 million estimate and rising 58.2% year over year. The earnings and revenue beats may support investor sentiment. Magnolia Oil & Gas Reports Strong Third-Quarter Results
• Neutral Sentiment: The supplied trading snapshot showed shares below their 50- and 200-day moving averages before the results were released. The articles provide no specific explanation for that earlier decline; the earnings news came afterward. Magnolia Oil & Gas Q3 and Nine-Month Results

Analyst Ratings Changes

MGY has been the subject of a number of recent analyst reports. KeyCorp reissued an “overweight” rating and issued a $38.00 price objective on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Weiss Ratings raised Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Johnson Rice upgraded Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and decreased their price target for the company from $33.00 to $32.00 in a research note on Monday, August 17th. Wells Fargo & Company lowered their price target on Magnolia Oil & Gas from $36.00 to $30.00 and set an “equal weight” rating for the company in a report on Wednesday, October 14th. Finally, Wall Street Zen upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Magnolia Oil & Gas has an average rating of “Moderate Buy” and an average price target of $31.53.

Magnolia Oil & Gas Trading Down 5.4%

NYSE:MGY opened at $23.32 on Thursday. Magnolia Oil & Gas Corp has a 12 month low of $21.07 and a 12 month high of $32.76. The firm has a fifty day simple moving average of $25.55 and a 200-day simple moving average of $27.03. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $5.53 billion, a P/E ratio of 10.23 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.13. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The business had revenue of $513.89 million for the quarter, compared to the consensus estimate of $474.39 million. During the same quarter in the previous year, the business earned $0.42 EPS. The company’s quarterly revenue was up 58.2% compared to the same quarter last year. On average, equities research analysts anticipate that Magnolia Oil & Gas Corp will post 2.83 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 10th will be given a $0.18 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.72 dividend on an annualized basis and a yield of 3.1%. Magnolia Oil & Gas’s dividend payout ratio is currently 31.58%.

Insiders Place Their Bets

In other Magnolia Oil & Gas news, Director David Khani purchased 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the acquisition, the director owned 30,622 shares in the company, valued at $765,550. This represents a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.92% of the company’s stock.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.