Magnolia Oil & Gas (NYSE:MGY) Shares Down 7% – Here’s What Happened

Magnolia Oil & Gas Corp (NYSE:MGY) shares were down 7% on Friday . The company traded as low as $26.57 and last traded at $26.5350. Approximately 163,312 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 2,977,866 shares. The stock had previously closed at $28.54.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MGY shares. The Goldman Sachs Group increased their price target on Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. Roth Mkm restated a “neutral” rating and issued a $32.00 price target (up from $29.00) on shares of Magnolia Oil & Gas in a research note on Wednesday, April 8th. Citigroup dropped their price target on Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, April 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnolia Oil & Gas in a research report on Thursday, January 22nd. Finally, BMO Capital Markets assumed coverage on Magnolia Oil & Gas in a research report on Friday, January 9th. They set an “outperform” rating and a $27.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Magnolia Oil & Gas Trading Down 3.3%

The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.70 and a beta of 0.83. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54. The firm has a fifty day moving average price of $29.05 and a 200-day moving average price of $25.11.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping 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 return on equity of 16.67% and a net margin of 24.79%.Magnolia Oil & Gas’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 EPS. As a group, equities analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.165 per share. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.66 annualized dividend and a dividend yield of 2.4%. Magnolia Oil & Gas’s payout ratio is currently 38.37%.

Insider Activity at Magnolia Oil & Gas

In other news, Director Dan F. Smith sold 18,000 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.01, for a total transaction of $522,180.00. Following the sale, the director directly owned 119,204 shares of the company’s stock, valued at approximately $3,458,108.04. This represents a 13.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Edward P. Djerejian sold 18,000 shares of the stock in a transaction 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 sale, the director directly owned 110,425 shares in the company, valued at approximately $3,200,116.50. This trade represents a 14.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 338,954 shares of company stock worth $9,911,733 in the last quarter. 0.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnolia Oil & Gas

Large investors have recently modified their holdings of the stock. Mather Group LLC. acquired a new stake in shares of Magnolia Oil & Gas during the 3rd quarter worth $31,000. Salomon & Ludwin LLC boosted its stake in Magnolia Oil & Gas by 130.1% in the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after buying an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after buying an additional 864 shares in the last quarter. Torren Management LLC acquired a new stake in Magnolia Oil & Gas in the fourth quarter valued at about $38,000. Finally, Parallel Advisors LLC boosted its stake in Magnolia Oil & Gas by 79.8% in the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after buying an additional 785 shares in the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

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).