Illinois Municipal Retirement Fund Raises Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Illinois Municipal Retirement Fund grew its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 3.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,799 shares of the company’s stock after acquiring an additional 3,047 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.05% of Magnolia Oil & Gas worth $2,474,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. First Horizon Advisors Inc. increased its stake in Magnolia Oil & Gas by 64.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after purchasing an additional 396 shares in the last quarter. Albert D Mason Inc. increased its position in shares of Magnolia Oil & Gas by 0.7% in the 4th quarter. Albert D Mason Inc. now owns 61,497 shares of the company’s stock valued at $1,438,000 after acquiring an additional 411 shares during the period. Jennison Associates LLC raised its stake in Magnolia Oil & Gas by 2.2% in the 3rd quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after acquiring an additional 506 shares during the last quarter. Avior Wealth Management LLC lifted its position in Magnolia Oil & Gas by 30.0% during 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 during the period. Finally, Atria Investments Inc lifted its position in Magnolia Oil & Gas by 2.3% during the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock worth $576,000 after acquiring an additional 523 shares during the period. 94.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGY has been the subject of several research analyst reports. Mizuho raised their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Piper Sandler raised their price target on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 29th. Truist Financial lifted their price objective on shares of 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 cut their price objective for the stock from $27.00 to $26.00 in a research note on Friday, January 31st. Finally, Bank of America restated a “neutral” rating and set a $28.00 target price (down from $29.00) on shares of Magnolia Oil & Gas in a research report on Monday, January 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.58.

Magnolia Oil & Gas Price Performance

Shares of Magnolia Oil & Gas stock opened at $23.52 on Friday. The firm has a market cap of $4.62 billion, a PE ratio of 12.18, a P/E/G ratio of 3.01 and a beta of 1.98. Magnolia Oil & Gas Co. has a twelve month low of $22.04 and a twelve month high of $29.02. The company has a quick ratio of 1.47, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average price of $24.19 and a 200 day moving average price of $25.22.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. The business had revenue of $326.61 million during the quarter, compared to analysts’ expectations of $327.40 million. Sell-side analysts predict that Magnolia Oil & Gas Co. will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed 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 is Friday, February 14th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.55%. Magnolia Oil & Gas’s dividend payout ratio is currently 31.09%.

About Magnolia Oil & Gas

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.