FORA Capital LLC Acquires New Position in Magnolia Oil & Gas Co. (NYSE:MGY)

FORA Capital LLC acquired a new stake in Magnolia Oil & Gas Co. (NYSE:MGY) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 15,581 shares of the company’s stock, valued at approximately $404,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MGY. First Trust Advisors LP increased its position in shares of Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after buying an additional 1,704,982 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Magnolia Oil & Gas by 2.1% during the fourth quarter. Victory Capital Management Inc. now owns 6,162,526 shares of the company’s stock worth $131,200,000 after purchasing an additional 128,097 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Magnolia Oil & Gas by 24.7% during the third quarter. American Century Companies Inc. now owns 6,009,953 shares of the company’s stock worth $137,688,000 after purchasing an additional 1,188,536 shares in the last quarter. Wasatch Advisors LP grew its holdings in shares of Magnolia Oil & Gas by 2.2% during the fourth quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock worth $78,331,000 after purchasing an additional 77,733 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Magnolia Oil & Gas by 7.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,506,042 shares of the company’s stock worth $74,647,000 after purchasing an additional 257,806 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Stock Performance

Shares of MGY traded down $0.01 during mid-day trading on Tuesday, reaching $25.45. The company had a trading volume of 404,023 shares, compared to its average volume of 2,822,953. Magnolia Oil & Gas Co. has a 52-week low of $19.16 and a 52-week high of $27.33. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $5.16 billion, a P/E ratio of 12.67, a PEG ratio of 1.42 and a beta of 2.02. The stock has a 50 day moving average of $25.16 and a two-hundred day moving average of $23.72.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Tuesday, May 7th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Magnolia Oil & Gas had a return on equity of 20.41% and a net margin of 30.46%. The business had revenue of $319.42 million during the quarter, compared to analysts’ expectations of $308.21 million. On average, analysts expect that Magnolia Oil & Gas Co. will post 2.25 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were given a dividend of $0.13 per share. The ex-dividend date was Friday, May 10th. This represents a $0.52 annualized dividend and a dividend yield of 2.04%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director John B. Walker sold 12,000,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $25.58, for a total value of $306,960,000.00. Following the sale, the director now directly owns 4,164,961 shares in the company, valued at $106,539,702.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MGY has been the subject of several recent analyst reports. Susquehanna boosted their price objective on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, April 23rd. Wells Fargo & Company boosted their price objective on Magnolia Oil & Gas from $23.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Capital One Financial initiated coverage on Magnolia Oil & Gas in a report on Tuesday, June 11th. They set an “overweight” rating and a $28.00 target price for the company. Finally, Truist Financial upped their target price on Magnolia Oil & Gas from $33.00 to $35.00 and gave the company a “buy” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Hold” and a consensus target price of $28.11.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, 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.