Bank of New York Mellon Corp Sells 49,667 Shares of Magnolia Oil & Gas Corp (NYSE:MGY)

Bank of New York Mellon Corp trimmed its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 2.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,723,227 shares of the company’s stock after selling 49,667 shares during the quarter. Bank of New York Mellon Corp owned 0.89% of Magnolia Oil & Gas worth $43,529,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Magnolia Oil & Gas by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 20,938,200 shares of the company’s stock worth $489,535,000 after purchasing an additional 452,836 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Magnolia Oil & Gas by 24.6% in the fourth quarter. First Trust Advisors LP now owns 15,410,496 shares of the company’s stock valued at $360,297,000 after acquiring an additional 3,038,709 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Magnolia Oil & Gas by 11.7% in the fourth quarter. Janus Henderson Group PLC now owns 6,396,875 shares of the company’s stock valued at $149,559,000 after acquiring an additional 667,973 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Magnolia Oil & Gas by 0.5% in the fourth quarter. Wellington Management Group LLP now owns 5,020,646 shares of the company’s stock valued at $117,383,000 after acquiring an additional 26,943 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Magnolia Oil & Gas by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,768,047 shares of the company’s stock valued at $111,475,000 after acquiring an additional 86,166 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on MGY. Piper Sandler decreased their price objective on Magnolia Oil & Gas from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Bank of America lifted their price objective on Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, May 23rd. Susquehanna decreased their price objective on Magnolia Oil & Gas from $31.00 to $30.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. UBS Group restated a “buy” rating and issued a $29.00 price objective (up from $26.00) on shares of Magnolia Oil & Gas in a report on Friday, June 13th. Finally, Wells Fargo & Company decreased their price objective on Magnolia Oil & Gas from $22.00 to $21.00 and set an “underweight” rating for the company in a report on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Magnolia Oil & Gas has a consensus rating of “Hold” and a consensus price target of $27.00.

Magnolia Oil & Gas Price Performance

MGY opened at $23.84 on Monday. The business’s 50-day moving average is $22.76 and its two-hundred day moving average is $23.17. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $29.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $4.59 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 3.23 and a beta of 1.28.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Magnolia Oil & Gas had a return on equity of 20.73% and a net margin of 28.50%. The business had revenue of $350.30 million for the quarter, compared to analyst estimates of $337.83 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The company’s revenue was up 9.7% on a year-over-year basis. Research analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 12th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, May 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.52%. Magnolia Oil & Gas’s payout ratio is 29.85%.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.