M&T Bank Corp Acquires 902 Shares of Magnolia Oil & Gas Corp (NYSE:MGY)

M&T Bank Corp raised its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 3.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,224 shares of the company’s stock after purchasing an additional 902 shares during the period. M&T Bank Corp’s holdings in Magnolia Oil & Gas were worth $662,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. First Trust Advisors LP lifted its stake in shares of Magnolia Oil & Gas by 24.6% in the 4th quarter. First Trust Advisors LP now owns 15,410,496 shares of the company’s stock worth $360,297,000 after purchasing an additional 3,038,709 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Magnolia Oil & Gas by 11.7% in the 4th quarter. Janus Henderson Group PLC now owns 6,396,875 shares of the company’s stock worth $149,559,000 after purchasing an additional 667,973 shares during the period. Raymond James Financial Inc. bought a new position in shares of Magnolia Oil & Gas in the 4th quarter worth approximately $13,634,000. Renaissance Technologies LLC lifted its stake in shares of Magnolia Oil & Gas by 910.5% in the 4th quarter. Renaissance Technologies LLC now owns 541,400 shares of the company’s stock worth $12,658,000 after purchasing an additional 487,820 shares during the period. Finally, Wasatch Advisors LP lifted its stake in shares of Magnolia Oil & Gas by 21.2% in the 4th quarter. Wasatch Advisors LP now owns 2,773,828 shares of the company’s stock worth $64,852,000 after purchasing an additional 484,683 shares during the period. 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. Bank of America increased their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, May 23rd. Citigroup reiterated a “sell” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 10th. UBS Group reiterated a “buy” rating and issued a $29.00 price objective (up previously from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Susquehanna reduced their target price on shares of Magnolia Oil & Gas from $31.00 to $30.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company reduced their target price on shares of 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 investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $27.00.

Magnolia Oil & Gas Trading Down 2.5%

MGY stock opened at $23.09 on Wednesday. The firm has a fifty day moving average price of $22.86 and a 200 day moving average price of $23.18. Magnolia Oil & Gas Corp has a fifty-two week low of $19.09 and a fifty-two week high of $29.02. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market cap of $4.44 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 3.17 and a beta of 1.28.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The firm had revenue of $350.30 million during the quarter, compared to analyst estimates of $337.83 million. Magnolia Oil & Gas had a net margin of 28.50% and a return on equity of 20.73%. Magnolia Oil & Gas’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. Sell-side 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 business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 12th were given a $0.15 dividend. The ex-dividend date was Monday, May 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.60%. Magnolia Oil & Gas’s dividend payout ratio is presently 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.