Allspring Global Investments Holdings LLC Has $72.32 Million Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Allspring Global Investments Holdings LLC grew its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 0.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,064,426 shares of the company’s stock after buying an additional 2,580 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.56% of Magnolia Oil & Gas worth $72,320,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new position in Magnolia Oil & Gas in the 3rd quarter worth approximately $25,000. First Horizon Advisors Inc. boosted its position in shares of Magnolia Oil & Gas by 64.7% in the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after buying an additional 396 shares during the period. Mather Group LLC. grew its holdings in shares of Magnolia Oil & Gas by 100.0% during the fourth quarter. Mather Group LLC. now owns 1,090 shares of the company’s stock valued at $25,000 after buying an additional 545 shares in the last quarter. R Squared Ltd acquired a new position in Magnolia Oil & Gas during the fourth quarter valued at $43,000. Finally, Avior Wealth Management LLC lifted its stake in Magnolia Oil & Gas by 30.0% in the 4th quarter. Avior Wealth Management LLC now owns 2,194 shares of the company’s stock worth $51,000 after acquiring an additional 506 shares in the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $22.99 on Thursday. The stock has a market capitalization of $4.52 billion, a P/E ratio of 11.38, a P/E/G ratio of 2.85 and a beta of 1.98. The business has a 50-day moving average of $24.50 and a two-hundred day moving average of $25.30. Magnolia Oil & Gas Co. has a fifty-two week low of $20.08 and a fifty-two week high of $29.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.61%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s dividend payout ratio is presently 25.74%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MGY shares. Truist Financial lifted their target price on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, January 13th. The Goldman Sachs Group lowered shares of Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Johnson Rice downgraded shares of Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, January 28th. Bank of America restated a “neutral” rating and set a $28.00 price target (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Finally, Piper Sandler increased their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $27.58.

Magnolia Oil & Gas Company 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.