Magnolia Oil & Gas Co. (MGY) to Issue Quarterly Dividend of $0.13 on March 1st

Magnolia Oil & Gas Co. (NYSE:MGYGet Free Report) declared a quarterly dividend on Monday, February 5th, Zacks reports. Stockholders of record on Friday, February 16th will be paid a dividend of 0.13 per share on Friday, March 1st. This represents a $0.52 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Thursday, February 15th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.12.

Magnolia Oil & Gas has a payout ratio of 19.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Magnolia Oil & Gas to earn $2.23 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 20.6%.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $20.26 on Wednesday. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 12 month low of $18.72 and a 12 month high of $24.02. The stock has a 50 day moving average of $20.89 and a 200-day moving average of $21.91. The company has a market capitalization of $4.19 billion, a P/E ratio of 7.45 and a beta of 2.03.

Analysts Set New Price Targets

MGY has been the subject of several recent research reports. Citigroup downgraded Magnolia Oil & Gas from a “neutral” rating to a “sell” rating and reduced their price target for the company from $24.00 to $18.00 in a research note on Monday, December 11th. Wells Fargo & Company dropped their price objective on Magnolia Oil & Gas from $23.00 to $21.00 and set an “equal weight” rating for the company in a report on Friday, January 19th. Piper Sandler dropped their price objective on Magnolia Oil & Gas from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. Finally, Mizuho dropped their price objective on Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnolia Oil & Gas presently has a consensus rating of “Hold” and a consensus price target of $25.00.

View Our Latest Report on MGY

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors and hedge funds have recently made changes to their positions in MGY. Advisor Group Holdings Inc. boosted its position in shares of Magnolia Oil & Gas by 121.9% during the 1st quarter. Advisor Group Holdings Inc. now owns 16,774 shares of the company’s stock valued at $396,000 after purchasing an additional 9,214 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Magnolia Oil & Gas by 3.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,118,918 shares of the company’s stock worth $26,462,000 after buying an additional 39,115 shares during the period. Acadian Asset Management LLC raised its stake in Magnolia Oil & Gas by 320.2% during the 1st quarter. Acadian Asset Management LLC now owns 10,686 shares of the company’s stock worth $252,000 after buying an additional 8,143 shares during the period. MetLife Investment Management LLC raised its stake in Magnolia Oil & Gas by 55.1% during the 1st quarter. MetLife Investment Management LLC now owns 77,409 shares of the company’s stock worth $1,831,000 after buying an additional 27,498 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in Magnolia Oil & Gas during the 1st quarter worth approximately $1,084,000. Institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

(Get Free Report)

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 area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.

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Dividend History for Magnolia Oil & Gas (NYSE:MGY)

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