Magnolia Oil & Gas Co. (NYSE:MGY) Holdings Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 5.4% during the second quarter, Holdings Channel.com reports. The fund owned 3,011,495 shares of the company’s stock after selling 172,612 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Magnolia Oil & Gas were worth $76,311,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Mather Group LLC. acquired a new position in shares of Magnolia Oil & Gas in the 1st quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Magnolia Oil & Gas by 1,753.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after acquiring an additional 982 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the 2nd quarter worth $26,000. Private Wealth Management Group LLC acquired a new stake in shares of Magnolia Oil & Gas during the fourth quarter worth $33,000. Finally, GAMMA Investing LLC raised its position in shares of Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after purchasing an additional 1,042 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Stock Down 0.3 %

Shares of NYSE:MGY traded down $0.09 during trading on Tuesday, reaching $25.64. 34,356 shares of the company traded hands, compared to its average volume of 2,676,106. The firm has a fifty day simple moving average of $25.47 and a 200 day simple moving average of $24.91. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.63. The firm has a market cap of $5.11 billion, a P/E ratio of 12.80, a price-to-earnings-growth ratio of 1.17 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The firm had revenue of $336.73 million during the quarter, compared to analysts’ expectations of $340.72 million. Analysts anticipate that Magnolia Oil & Gas Co. will post 2.14 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a yield of 2.03%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Mizuho lifted their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, May 13th. Piper Sandler dropped their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Capital One Financial assumed coverage on shares of Magnolia Oil & Gas in a report on Tuesday, June 11th. They set an “overweight” rating and a $28.00 price target on the stock. Bank of America raised their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Susquehanna boosted their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “positive” rating in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $28.70.

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.