Arizona State Retirement System Increases Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Arizona State Retirement System lifted its position in shares of Magnolia Oil & Gas Co. (NYSE:MGYGet Rating) by 4.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,315 shares of the company’s stock after purchasing an additional 1,563 shares during the period. Arizona State Retirement System’s holdings in Magnolia Oil & Gas were worth $930,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Newbridge Financial Services Group Inc. increased its position in Magnolia Oil & Gas by 1,748.0% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 2,310 shares of the company’s stock valued at $55,000 after acquiring an additional 2,185 shares during the period. Counterpoint Mutual Funds LLC acquired a new position in Magnolia Oil & Gas in the 1st quarter valued at about $64,000. Ahrens Investment Partners LLC acquired a new position in Magnolia Oil & Gas in the 1st quarter valued at about $77,000. Nisa Investment Advisors LLC increased its position in Magnolia Oil & Gas by 93.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,840 shares of the company’s stock valued at $105,000 after acquiring an additional 2,340 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new position in Magnolia Oil & Gas in the 4th quarter valued at about $126,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $24.02 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.22 and a quick ratio of 2.22. The firm has a 50-day moving average of $23.78 and a two-hundred day moving average of $23.35. The stock has a market cap of $5.36 billion, a P/E ratio of 8.37 and a beta of 2.13. Magnolia Oil & Gas Co. has a 1-year low of $12.79 and a 1-year high of $30.31.

Magnolia Oil & Gas (NYSE:MGYGet Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported $0.90 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.90. Magnolia Oil & Gas had a net margin of 41.80% and a return on equity of 55.08%. The company had revenue of $377.84 million during the quarter, compared to analysts’ expectations of $374.63 million. During the same period in the prior year, the company posted $0.38 EPS. The firm’s revenue for the quarter was up 80.7% on a year-over-year basis. On average, research analysts expect that Magnolia Oil & Gas Co. will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,500,000 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $27.01, for a total transaction of $202,575,000.00. Following the transaction, the director now owns 10,912,450 shares of the company’s stock, valued at $294,745,274.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MGY. Piper Sandler boosted their target price on Magnolia Oil & Gas from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, April 7th. KeyCorp upped their target price on Magnolia Oil & Gas from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, April 14th. Wells Fargo & Company upped their target price on Magnolia Oil & Gas from $29.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, July 11th. Susquehanna boosted their price target on Magnolia Oil & Gas from $24.00 to $29.00 and gave the company a “positive” rating in a report on Monday, April 25th. Finally, Truist Financial upped their price objective on Magnolia Oil & Gas from $35.00 to $39.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.56.

Magnolia Oil & Gas Company Profile

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Magnolia Oil & Gas Corporation 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 Field in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.

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Institutional Ownership by Quarter for Magnolia Oil & Gas (NYSE:MGY)

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