Lazard Asset Management LLC Decreases Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Lazard Asset Management LLC lessened its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 11.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 284,578 shares of the company’s stock after selling 35,826 shares during the quarter. Lazard Asset Management LLC owned 0.14% of Magnolia Oil & Gas worth $7,384,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MGY. Mather Group LLC. purchased a new stake in Magnolia Oil & Gas in the first quarter worth about $27,000. Private Wealth Management Group LLC purchased a new stake in Magnolia Oil & Gas in the fourth quarter worth about $33,000. Lindbrook Capital LLC increased its position in Magnolia Oil & Gas by 61.5% in the first quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock worth $43,000 after buying an additional 627 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in Magnolia Oil & Gas in the first quarter worth about $50,000. Finally, Quadrant Capital Group LLC increased its position in Magnolia Oil & Gas by 40.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,623 shares of the company’s stock worth $98,000 after buying an additional 1,331 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $26.67 on Monday. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 0.99 and a beta of 2.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.71 and a quick ratio of 1.71. The business has a 50 day simple moving average of $25.40 and a 200-day simple moving average of $24.22. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $27.62.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, topping 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 company had revenue of $319.42 million during the quarter, compared to the consensus estimate of $308.21 million. Equities analysts forecast that Magnolia Oil & Gas Co. will post 2.2 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 13th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, May 10th. This represents a $0.52 annualized dividend and a yield of 1.95%. Magnolia Oil & Gas’s payout ratio is 25.87%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MGY shares. Piper Sandler reaffirmed a “neutral” rating and issued a $29.00 price objective on shares of Magnolia Oil & Gas in a research note on Friday, April 19th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Wells Fargo & Company boosted their price target on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Wolfe Research began coverage on Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an “outperform” rating and a $32.00 price objective for the company. Finally, Capital One Financial started coverage on Magnolia Oil & Gas in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $29.00.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director John B. Walker sold 12,000,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total value of $306,960,000.00. Following the completion of the sale, the director now directly owns 4,164,961 shares of the company’s stock, valued at approximately $106,539,702.38. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.20% of the stock is currently owned by corporate insiders.

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.