Magnolia Oil & Gas Corp $MGY Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,544,274 shares of the company’s stock after selling 38,492 shares during the period. Principal Financial Group Inc. owned about 0.83% of Magnolia Oil & Gas worth $48,752,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fifth Third Bancorp grew its holdings in Magnolia Oil & Gas by 8,323.6% during the first quarter. Fifth Third Bancorp now owns 72,696 shares of the company’s stock worth $2,295,000 after acquiring an additional 71,833 shares during the period. Sequoia Financial Advisors LLC raised its position in Magnolia Oil & Gas by 104.1% in the first quarter. Sequoia Financial Advisors LLC now owns 23,866 shares of the company’s stock worth $753,000 after acquiring an additional 12,174 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Magnolia Oil & Gas by 153.3% in the first quarter. Hsbc Holdings PLC now owns 132,456 shares of the company’s stock valued at $4,202,000 after acquiring an additional 80,168 shares during the period. Valued Wealth Advisors LLC purchased a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth $29,000. Finally, DGS Capital Management LLC purchased a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth $201,000. 94.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Citigroup cut their price target on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, April 13th. Wells Fargo & Company decreased their price objective on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 13th. KeyCorp restated an “overweight” rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. Weiss Ratings cut shares of Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Finally, Mizuho lifted their price target on shares of Magnolia Oil & Gas from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.08.

Magnolia Oil & Gas Stock Up 1.4%

Magnolia Oil & Gas stock opened at $27.27 on Friday. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The firm has a market capitalization of $5.04 billion, a price-to-earnings ratio of 15.85 and a beta of 0.70. The stock’s fifty day moving average is $27.36 and its two-hundred day moving average is $27.30. 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 results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 EPS. Analysts predict that Magnolia Oil & Gas Corp will post 2.67 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th were given a dividend of $0.165 per share. The ex-dividend date was Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a yield of 2.4%. Magnolia Oil & Gas’s payout ratio is presently 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).