Truvestments Capital LLC Buys Shares of 3,682 Magnolia Oil & Gas Co. (NYSE:MGY)

Truvestments Capital LLC purchased a new position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,682 shares of the company’s stock, valued at approximately $90,000.

Several other institutional investors have also modified their holdings of the business. First Horizon Advisors Inc. raised its holdings in Magnolia Oil & Gas by 64.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after buying an additional 396 shares during the period. Jennison Associates LLC raised its holdings in shares of Magnolia Oil & Gas by 2.2% during the third quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after acquiring an additional 506 shares during the period. Atria Investments Inc lifted its position in Magnolia Oil & Gas by 2.3% in the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock valued at $576,000 after acquiring an additional 523 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Magnolia Oil & Gas by 1.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 52,834 shares of the company’s stock worth $1,290,000 after purchasing an additional 548 shares during the period. Finally, Bank of Montreal Can increased its holdings in Magnolia Oil & Gas by 1.8% during the 2nd quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock worth $931,000 after purchasing an additional 640 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. This represents a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.40% of the company’s stock.

Magnolia Oil & Gas Stock Down 0.9 %

Magnolia Oil & Gas stock opened at $27.95 on Wednesday. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $29.02. The firm has a market capitalization of $5.49 billion, a PE ratio of 13.84, a P/E/G ratio of 1.43 and a beta of 1.99. The company’s 50-day moving average is $26.22 and its 200-day moving average is $25.53. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million for the quarter, compared to the consensus estimate of $331.45 million. Sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.86%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 25.74%.

Analysts Set New Price Targets

MGY has been the topic of a number of research reports. Mizuho cut their price target on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Truist Financial raised their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Susquehanna cut their price objective on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, Magnolia Oil & Gas has an average rating of “Hold” and an average price target of $27.67.

Magnolia Oil & Gas Company 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.