Magnolia Oil & Gas (NYSE:MGY) Sees Unusually-High Trading Volume – Here’s What Happened

Magnolia Oil & Gas Corp (NYSE:MGY) shares saw an uptick in trading volume on Wednesday . Approximately 5,365,877 shares were traded during mid-day trading, an increase of 75% from the previous session’s volume of 3,071,734 shares.The stock last traded at $25.7450 and had previously closed at $25.09.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MGY. Mizuho dropped their price target on Magnolia Oil & Gas from $35.00 to $33.00 and set an “outperform” rating for the company in a research report on Wednesday. Susquehanna raised their price objective on Magnolia Oil & Gas from $35.00 to $36.00 and gave the company a “positive” rating in a report on Tuesday. Citigroup lowered their target price on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, April 13th. Wells Fargo & Company dropped their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, May 13th. Finally, KeyCorp reiterated an “overweight” rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $31.42.

Magnolia Oil & Gas Stock Up 0.7%

The firm’s fifty day simple moving average is $27.11 and its two-hundred day simple moving average is $27.43. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 14.99 and a beta of 0.70.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 24.40% and a return on equity of 16.28%. The business’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 EPS. Sell-side analysts anticipate that Magnolia Oil & Gas Corp will post 2.7 EPS for the current 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 paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.66 annualized dividend and a yield of 2.6%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 38.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership grew its holdings in shares of Magnolia Oil & Gas by 790.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock worth $197,748,000 after purchasing an additional 5,560,619 shares during the period. Epoch Investment Partners Inc. raised its holdings in Magnolia Oil & Gas by 58.7% in the 3rd quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock valued at $98,789,000 after buying an additional 1,531,061 shares during the period. HITE Hedge Asset Management LLC raised its holdings in Magnolia Oil & Gas by 661.5% in the 4th quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company’s stock valued at $31,837,000 after buying an additional 1,263,407 shares during the period. TD Asset Management Inc lifted its position in Magnolia Oil & Gas by 26.6% in the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock valued at $124,156,000 after buying an additional 1,193,458 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Magnolia Oil & Gas by 20.5% in the first quarter. Bank of America Corp DE now owns 3,877,361 shares of the company’s stock valued at $122,408,000 after buying an additional 659,012 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

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).