Oppenheimer Asset Management Inc. Sells 587 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

Oppenheimer Asset Management Inc. reduced its position in Magnolia Oil & Gas Co. (NYSE:MGYFree Report) by 1.5% in the third quarter, Holdings Channel.com reports. The fund owned 38,199 shares of the company’s stock after selling 587 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Magnolia Oil & Gas were worth $875,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. EA Series Trust purchased a new stake in Magnolia Oil & Gas in the second quarter valued at approximately $768,000. Brandywine Global Investment Management LLC purchased a new stake in Magnolia Oil & Gas in the second quarter valued at approximately $10,427,000. Canandaigua National Bank & Trust Co. raised its stake in Magnolia Oil & Gas by 10.7% in the third quarter. Canandaigua National Bank & Trust Co. now owns 12,322 shares of the company’s stock valued at $282,000 after purchasing an additional 1,191 shares in the last quarter. Argent Capital Management LLC raised its stake in shares of Magnolia Oil & Gas by 29.0% during the third quarter. Argent Capital Management LLC now owns 14,818 shares of the company’s stock worth $339,000 after acquiring an additional 3,332 shares in the last quarter. Finally, abrdn plc purchased a new position in shares of Magnolia Oil & Gas during the third quarter worth approximately $28,249,000. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Stock Up 1.3 %

Shares of NYSE MGY opened at $20.48 on Friday. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas Co. has a 52 week low of $18.72 and a 52 week high of $24.02. The firm’s fifty day moving average is $20.85 and its 200 day moving average is $21.89. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 7.53 and a beta of 2.03.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 16th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.54%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, February 15th. Magnolia Oil & Gas’s payout ratio is presently 16.91%.

Analyst Upgrades and Downgrades

Several research analysts have commented on MGY shares. Wells Fargo & Company decreased their price target on shares of Magnolia Oil & Gas from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, January 19th. Piper Sandler decreased their price target on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Mizuho decreased their price target on shares of Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 3rd. Finally, Citigroup downgraded shares of Magnolia Oil & Gas from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $24.00 to $18.00 in a research note on Monday, December 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

Get Our Latest Stock Analysis on MGY

Magnolia Oil & Gas Profile

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

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