Truvestments Capital LLC bought a new position in Magnolia Oil & Gas Co. (NYSE:MGY – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,682 shares of the company’s stock, valued at approximately $90,000.
Several other hedge funds and other institutional investors have also modified their holdings of MGY. Loomis Sayles & Co. L P grew its position in Magnolia Oil & Gas by 10.0% in the third quarter. Loomis Sayles & Co. L P now owns 2,782,550 shares of the company’s stock valued at $67,950,000 after acquiring an additional 253,911 shares during the period. Cerity Partners LLC boosted its stake in shares of Magnolia Oil & Gas by 22.7% in the 3rd quarter. Cerity Partners LLC now owns 126,095 shares of the company’s stock valued at $3,079,000 after purchasing an additional 23,324 shares in the last quarter. Icon Wealth Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 24.3% in the 3rd quarter. Icon Wealth Advisors LLC now owns 7,484 shares of the company’s stock worth $183,000 after purchasing an additional 1,464 shares during the last quarter. Citigroup Inc. increased its position in shares of Magnolia Oil & Gas by 30.6% during the 3rd quarter. Citigroup Inc. now owns 313,778 shares of the company’s stock worth $7,662,000 after purchasing an additional 73,431 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Magnolia Oil & Gas by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,991,017 shares of the company’s stock valued at $48,621,000 after purchasing an additional 75,305 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.
Magnolia Oil & Gas Stock Down 0.9 %
Shares of NYSE MGY opened at $27.95 on Wednesday. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $29.02. The firm’s 50-day moving average is $26.22 and its 200-day moving average is $25.53. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $5.49 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.43 and a beta of 1.99.
Magnolia Oil & Gas Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.74%.
Wall Street Analyst Weigh In
Several analysts have weighed in on MGY shares. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Truist Financial increased their price target on Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Siebert Williams Shank lowered Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective on the stock. in a research note on Tuesday, October 15th. Piper Sandler decreased their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Finally, Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $26.00 to $22.00 in a report on Tuesday, October 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $27.67.
Get Our Latest Stock Analysis on MGY
Insiders Place Their Bets
In related news, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. This trade represents a 76.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.40% of the company’s stock.
About Magnolia Oil & Gas
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.
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