Magnolia Oil & Gas Co. (NYSE:MGY) Position Lessened by Raymond James & Associates

Raymond James & Associates decreased its stake in Magnolia Oil & Gas Co. (NYSE:MGYGet Rating) by 8.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 309,318 shares of the company’s stock after selling 29,694 shares during the period. Raymond James & Associates’ holdings in Magnolia Oil & Gas were worth $6,128,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in MGY. Ten Capital Wealth Advisors LLC acquired a new stake in Magnolia Oil & Gas in the 2nd quarter valued at approximately $28,000. Exchange Traded Concepts LLC acquired a new stake in Magnolia Oil & Gas in the 3rd quarter valued at approximately $56,000. Assetmark Inc. increased its position in Magnolia Oil & Gas by 311.4% in the 2nd quarter. Assetmark Inc. now owns 2,880 shares of the company’s stock valued at $60,000 after acquiring an additional 2,180 shares during the period. National Bank of Canada FI acquired a new stake in Magnolia Oil & Gas in the 2nd quarter valued at approximately $73,000. Finally, Captrust Financial Advisors increased its position in Magnolia Oil & Gas by 42.4% in the 1st quarter. Captrust Financial Advisors now owns 3,608 shares of the company’s stock valued at $85,000 after acquiring an additional 1,075 shares during the period. Institutional investors own 98.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MGY. Piper Sandler lowered their target price on Magnolia Oil & Gas from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Wednesday. Mizuho began coverage on Magnolia Oil & Gas in a research report on Monday, January 9th. They issued a “buy” rating and a $32.00 target price on the stock. TheStreet cut Magnolia Oil & Gas from a “b-” rating to a “c+” rating in a research report on Wednesday, December 7th. Finally, KeyCorp lifted their price target on Magnolia Oil & Gas from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, November 3rd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.25.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $23.80 on Friday. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of 5.50 and a beta of 2.13. The stock’s fifty day simple moving average is $24.32 and its 200 day simple moving average is $23.20. Magnolia Oil & Gas Co. has a 52-week low of $18.01 and a 52-week high of $30.31.

Magnolia Oil & Gas (NYSE:MGYGet Rating) last issued its earnings results on Tuesday, November 1st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.11. The business had revenue of $482.96 million for the quarter, compared to analysts’ expectations of $454.87 million. Magnolia Oil & Gas had a return on equity of 66.39% and a net margin of 48.42%. As a group, sell-side analysts forecast that Magnolia Oil & Gas Co. will post 4.5 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 1st. Investors of record on Monday, November 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Friday, November 4th. Magnolia Oil & Gas’s payout ratio is 9.24%.

Magnolia Oil & Gas Company Profile

(Get Rating)

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.

Further Reading

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

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