Phocas Financial Corp. Decreases Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Phocas Financial Corp. decreased its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 6.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 116,801 shares of the company’s stock after selling 8,378 shares during the period. Phocas Financial Corp. owned approximately 0.06% of Magnolia Oil & Gas worth $2,852,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Magnolia Oil & Gas by 16.6% in the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after buying an additional 2,956,314 shares during the period. Oliver Luxxe Assets LLC lifted its position in shares of Magnolia Oil & Gas by 80.6% during the third quarter. Oliver Luxxe Assets LLC now owns 87,624 shares of the company’s stock worth $2,140,000 after purchasing an additional 39,098 shares in the last quarter. Argent Capital Management LLC boosted its stake in shares of Magnolia Oil & Gas by 56.8% in the second quarter. Argent Capital Management LLC now owns 29,111 shares of the company’s stock valued at $738,000 after purchasing an additional 10,547 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in Magnolia Oil & Gas by 740.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 157,757 shares of the company’s stock valued at $4,092,000 after purchasing an additional 138,982 shares in the last quarter. Finally, Comerica Bank increased its stake in Magnolia Oil & Gas by 38.8% during the 1st quarter. Comerica Bank now owns 172,569 shares of the company’s stock worth $4,478,000 after buying an additional 48,228 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MGY shares. Bank of America raised their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. reduced their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Piper Sandler dropped their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 15th. Susquehanna cut their price target on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Finally, Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and a consensus target price of $27.67.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $27.29 on Wednesday. The company has a market cap of $5.36 billion, a P/E ratio of 13.51, a PEG ratio of 1.37 and a beta of 1.99. The business has a 50 day moving average of $25.77 and a two-hundred day moving average of $25.45. Magnolia Oil & Gas Co. has a 52 week low of $19.16 and a 52 week high of $27.96. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, beating 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 business had revenue of $333.14 million during the quarter, compared to analyst estimates of $331.45 million. As a group, analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.52 annualized dividend and a yield of 1.91%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.74%.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, Director Ltd. Enervest sold 7,000,000 shares of the 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 completion of the transaction, the director now directly owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. This represents a 76.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is currently owned by company insiders.

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.