Key Points
- Director David Khani purchased 8,000 Magnolia Oil & Gas shares at $25 each, investing $200,000 and increasing his holdings by 35.36% to 30,622 shares.
- Magnolia reported quarterly EPS of $0.99, exceeding estimates by $0.06, while revenue rose 50.1% year over year to $478.81 million.
- The company raised its quarterly dividend from $0.17 to $0.18 per share, representing a $0.72 annualized payout and a 2.8% yield; analysts maintain a consensus “Moderate Buy” rating with a $31.17 price target.
Magnolia Oil & Gas Corp (NYSE:MGY - Get Free Report) Director David Khani purchased 8,000 shares of the stock in a transaction dated Friday, August 7th. The shares were acquired at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director owned 30,622 shares in the company, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Magnolia Oil & Gas Stock Up 0.2%
Shares of NYSE:MGY opened at $26.07 on Wednesday. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of 11.43 and a beta of 0.72. Magnolia Oil & Gas Corp has a 12-month low of $21.07 and a 12-month high of $32.76. The business has a 50-day moving average price of $26.12 and a 200 day moving average price of $27.67. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18.
Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.06. The company had revenue of $478.81 million for the quarter, compared to analysts' expectations of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. Magnolia Oil & Gas's revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. Sell-side analysts expect that Magnolia Oil & Gas Corp will post 2.8 EPS for the current year.
Magnolia Oil & Gas Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be issued a $0.18 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.72 annualized dividend and a dividend yield of 2.8%. This is an increase from Magnolia Oil & Gas's previous quarterly dividend of $0.17. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 31.58%.
Hedge Funds Weigh In On Magnolia Oil & Gas
Several institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership increased its stake in shares of Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock worth $197,748,000 after buying an additional 5,560,619 shares during the period. Epoch Investment Partners Inc. lifted its stake in Magnolia Oil & Gas by 58.7% in the third quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company's stock worth $98,789,000 after acquiring an additional 1,531,061 shares during the last quarter. HITE Hedge Asset Management LLC lifted its stake in Magnolia Oil & Gas by 661.5% in the fourth quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company's stock worth $31,837,000 after acquiring an additional 1,263,407 shares during the last quarter. TD Asset Management Inc grew its holdings in Magnolia Oil & Gas by 26.6% during the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock worth $124,156,000 after acquiring an additional 1,193,458 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Magnolia Oil & Gas by 20.5% in the 1st quarter. Bank of America Corp DE now owns 3,877,361 shares of the company's stock valued at $122,408,000 after purchasing an additional 659,012 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.
Analyst Ratings Changes
Several analysts recently weighed in on MGY shares. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Wells Fargo & Company decreased their price target on Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 13th. KeyCorp restated an "overweight" rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. Mizuho upgraded Magnolia Oil & Gas to a "strong-buy" rating in a report on Friday, July 31st. Finally, Susquehanna increased their target price on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a "positive" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Magnolia Oil & Gas has a consensus rating of "Moderate Buy" and an average price target of $31.17.
Check Out Our Latest Research Report on Magnolia Oil & Gas
Magnolia Oil & Gas Company Profile
(
Get Free Report)
Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.
The company's core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).
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