Strs Ohio Lowers Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Strs Ohio trimmed its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 31.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 117,200 shares of the company’s stock after selling 54,300 shares during the quarter. Strs Ohio’s holdings in Magnolia Oil & Gas were worth $2,495,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in Magnolia Oil & Gas by 9.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,041,390 shares of the company’s stock valued at $64,751,000 after purchasing an additional 274,908 shares during the period. Vest Financial LLC grew its holdings in Magnolia Oil & Gas by 51.4% in the fourth quarter. Vest Financial LLC now owns 606,277 shares of the company’s stock valued at $12,908,000 after purchasing an additional 205,924 shares during the period. VisionPoint Advisory Group LLC grew its stake in Magnolia Oil & Gas by 112.3% during the third quarter. VisionPoint Advisory Group LLC now owns 1,537 shares of the company’s stock worth $35,000 after buying an additional 813 shares during the period. Sei Investments Co. grew its stake in Magnolia Oil & Gas by 6.2% during the third quarter. Sei Investments Co. now owns 818,397 shares of the company’s stock worth $18,750,000 after buying an additional 47,564 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Magnolia Oil & Gas by 12.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,735,955 shares of the company’s stock worth $39,771,000 after buying an additional 195,467 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Thursday. Piper Sandler reiterated a “neutral” rating and set a $29.00 price objective on shares of Magnolia Oil & Gas in a research note on Friday. Citigroup boosted their price objective on shares of Magnolia Oil & Gas from $18.00 to $22.00 and gave the stock a “sell” rating in a research note on Monday, April 15th. Truist Financial boosted their price objective on shares of Magnolia Oil & Gas from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Finally, Bank of America assumed coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, February 27th. They set a “buy” rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average target price of $27.14.

Magnolia Oil & Gas Price Performance

Shares of MGY stock opened at $25.62 on Friday. The company has a market capitalization of $5.23 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 1.58 and a beta of 2.05. The firm has a fifty day simple moving average of $24.07 and a 200-day simple moving average of $22.36. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas Co. has a twelve month low of $18.72 and a twelve month high of $27.33.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, February 14th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.04). The firm had revenue of $322.63 million during the quarter, compared to analysts’ expectations of $324.95 million. Magnolia Oil & Gas had a net margin of 31.65% and a return on equity of 21.21%. Equities research analysts anticipate that Magnolia Oil & Gas Co. will post 2.08 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.13 dividend. The ex-dividend date was Thursday, February 15th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.03%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.37%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.