Insider Selling: Magnolia Oil & Gas Co. (NYSE:MGY) Director Sells 7,000,000 Shares of Stock

Magnolia Oil & Gas Co. (NYSE:MGY) Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Magnolia Oil & Gas Price Performance

Shares of MGY stock traded down $0.97 during trading hours on Wednesday, hitting $24.61. 2,576,731 shares of the company’s stock were exchanged, compared to its average volume of 2,628,456. The stock’s 50-day moving average is $25.06 and its 200-day moving average is $25.31. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 1.31 and a beta of 2.00. Magnolia Oil & Gas Co. has a 52 week low of $19.16 and a 52 week high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.51 by $0.05. The company had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. As a group, research analysts forecast that Magnolia Oil & Gas Co. will post 2.04 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.11%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is 25.87%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Hedge funds have recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in Magnolia Oil & Gas by 37.1% in the first quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock valued at $13,387,000 after buying an additional 141,046 shares during the period. Maryland State Retirement & Pension System acquired a new position in Magnolia Oil & Gas in the first quarter valued at about $1,721,000. Texas Permanent School Fund Corp acquired a new position in Magnolia Oil & Gas in the first quarter valued at about $4,207,000. Vanguard Group Inc. lifted its stake in Magnolia Oil & Gas by 16.6% in the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after buying an additional 2,956,314 shares during the period. Finally, Wasatch Advisors LP lifted its stake in Magnolia Oil & Gas by 2.2% in the fourth quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock valued at $78,331,000 after buying an additional 77,733 shares during the period. Institutional investors own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Susquehanna decreased their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Wolfe Research began coverage on Magnolia Oil & Gas in a report on Thursday, July 18th. They set an “outperform” rating and a $32.00 price target for the company. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. Truist Financial upped their price target on Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company cut their price target on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $28.00.

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.