Allspring Global Investments Holdings LLC Sells 147,673 Shares of Magnolia Oil & Gas Corp $MGY

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 4.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,930,693 shares of the company’s stock after selling 147,673 shares during the period. Allspring Global Investments Holdings LLC owned about 1.55% of Magnolia Oil & Gas worth $65,882,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. TD Asset Management Inc raised its holdings in Magnolia Oil & Gas by 55.7% during the third quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock worth $106,898,000 after acquiring an additional 1,601,809 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in Magnolia Oil & Gas by 58.7% in the third quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock valued at $98,789,000 after purchasing an additional 1,531,061 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Magnolia Oil & Gas by 192.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company’s stock worth $33,449,000 after purchasing an additional 921,970 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Magnolia Oil & Gas by 16,251.3% during the 3rd quarter. Pacer Advisors Inc. now owns 626,745 shares of the company’s stock worth $14,960,000 after purchasing an additional 622,912 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Magnolia Oil & Gas by 21.5% during the 3rd quarter. Northern Trust Corp now owns 2,229,193 shares of the company’s stock worth $53,211,000 after purchasing an additional 394,579 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

MGY has been the subject of several analyst reports. Susquehanna decreased their target price on shares of Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating for the company in a research note on Monday, January 26th. Bank of America upgraded shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and increased their price target for the company from $26.00 to $28.00 in a research note on Friday, January 16th. KeyCorp lifted their price objective on shares of Magnolia Oil & Gas from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, February 9th. Roth Mkm restated a “buy” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, February 10th. Finally, Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Moderate Buy” and an average price target of $29.82.

Insider Activity at Magnolia Oil & Gas

In other news, Director Edward P. Djerejian sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $28.98, for a total value of $521,640.00. Following the transaction, the director owned 110,425 shares of the company’s stock, valued at approximately $3,200,116.50. This represents a 14.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Corales sold 33,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.12, for a total value of $960,960.00. Following the sale, the chief financial officer directly owned 184,178 shares of the company’s stock, valued at approximately $5,363,263.36. The trade was a 15.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 338,954 shares of company stock valued at $9,911,733. Insiders own 0.93% of the company’s stock.

Magnolia Oil & Gas Trading Down 1.9%

Shares of Magnolia Oil & Gas stock opened at $31.52 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54. The business has a fifty day simple moving average of $27.85 and a two-hundred day simple moving average of $24.63. Magnolia Oil & Gas Corp has a 1 year low of $19.09 and a 1 year high of $32.76. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 18.33, a P/E/G ratio of 2.25 and a beta of 0.89.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $317.63 million for the quarter, compared to analyst estimates of $322.18 million. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The company’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 earnings per share. Research analysts forecast that Magnolia Oil & Gas Corp will post 2.1 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Tuesday, February 10th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 2.1%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, February 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 38.37%.

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).