Insider Buying: Magnolia Oil & Gas (NYSE:MGY) Director Buys $200,000.00 in Stock

Magnolia Oil & Gas Corp (NYSE:MGY) Director David Khani purchased 8,000 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was 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. The trade was a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnolia Oil & Gas Stock Down 1.8%

Shares of NYSE MGY opened at $25.89 on Friday. Magnolia Oil & Gas Corp has a 52-week low of $21.07 and a 52-week high of $32.76. The firm has a fifty day moving average of $26.04 and a 200-day moving average of $27.70. The stock has a market capitalization of $4.79 billion, a PE ratio of 11.36 and a beta of 0.72. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The business had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same period last year, the company posted $0.41 EPS. The business’s quarterly revenue was up 50.1% on a year-over-year basis. On average, analysts anticipate that Magnolia Oil & Gas Corp will post 2.79 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th will be paid a dividend of $0.18 per share. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, August 10th. Magnolia Oil & Gas’s payout ratio is currently 31.58%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently bought and sold shares of MGY. Globeflex Capital L P purchased a new stake in shares of Magnolia Oil & Gas during the second quarter valued at approximately $121,000. Great Lakes Advisors LLC purchased a new position in shares of Magnolia Oil & Gas in the second quarter valued at $4,676,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Magnolia Oil & Gas in the second quarter valued at $11,989,000. Fulton Bank N.A. grew its holdings in Magnolia Oil & Gas by 25.7% during the 2nd quarter. Fulton Bank N.A. now owns 14,292 shares of the company’s stock valued at $366,000 after purchasing an additional 2,923 shares in the last quarter. Finally, Revolve Wealth Partners LLC acquired a new stake in Magnolia Oil & Gas during the 2nd quarter valued at $210,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MGY shares. Citigroup reduced their price objective on Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating on the stock in a research note on Tuesday. Mizuho upgraded shares of Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. UBS Group reduced their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Weiss Ratings upgraded shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday. Finally, Susquehanna increased their price objective on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.58.

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).