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

Magnolia Oil & Gas Co. (NYSE:MGYGet Free Report) announced a quarterly dividend on Monday, February 5th, Zacks reports. Investors 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 dividend on an annualized basis and a 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. Mizuho reduced their price target on Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, January 3rd. 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. 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. Finally, Citigroup cut Magnolia Oil & Gas from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $24.00 to $18.00 in a report on Monday, December 11th. 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.

Check Out Our Latest Stock Report on MGY

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Wyoming increased its holdings in Magnolia Oil & Gas by 38.8% in the 2nd quarter. State of Wyoming now owns 2,552 shares of the company’s stock worth $53,000 after purchasing an additional 713 shares in the last quarter. Captrust Financial Advisors increased its holdings in Magnolia Oil & Gas by 42.4% in the 1st quarter. Captrust Financial Advisors now owns 3,608 shares of the company’s stock worth $85,000 after purchasing an additional 1,075 shares in the last quarter. UBS Group AG increased its holdings in Magnolia Oil & Gas by 22.2% in the 1st quarter. UBS Group AG now owns 4,653 shares of the company’s stock worth $110,000 after purchasing an additional 846 shares in the last quarter. Verition Fund Management LLC acquired a new position in Magnolia Oil & Gas in the 1st quarter worth about $206,000. Finally, Mackenzie Financial Corp acquired a new position in Magnolia Oil & Gas in the 1st quarter worth about $213,000. Institutional investors and hedge funds 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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