Oppenheimer Asset Management Inc. Cuts Stock Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Oppenheimer Asset Management Inc. decreased its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,483 shares of the company’s stock after selling 444 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Magnolia Oil & Gas were worth $915,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MGY. US Bancorp DE lifted its holdings in Magnolia Oil & Gas by 348.7% during the first quarter. US Bancorp DE now owns 25,576 shares of the company’s stock worth $664,000 after acquiring an additional 19,876 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Magnolia Oil & Gas by 41.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 74,263 shares of the company’s stock worth $1,927,000 after acquiring an additional 21,900 shares during the period. Vanguard Group Inc. lifted its holdings in Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after acquiring an additional 2,956,314 shares during the period. Bessemer Group Inc. lifted its holdings in Magnolia Oil & Gas by 7.2% during the first quarter. Bessemer Group Inc. now owns 628,409 shares of the company’s stock worth $16,308,000 after acquiring an additional 42,154 shares during the period. Finally, American International Group Inc. lifted its holdings in Magnolia Oil & Gas by 7.4% during the first quarter. American International Group Inc. now owns 95,817 shares of the company’s stock worth $2,486,000 after acquiring an additional 6,568 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Analyst Ratings Changes

MGY has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $26.00 to $22.00 in a report on Tuesday, October 1st. Mizuho dropped 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. Bank of America boosted 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. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Finally, Susquehanna lowered their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $27.67.

Magnolia Oil & Gas Stock Up 2.2 %

Shares of NYSE:MGY opened at $27.45 on Tuesday. The firm has a fifty day moving average price of $25.69 and a two-hundred day moving average price of $25.43. The company has a market cap of $5.40 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.37 and a beta of 1.99. 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 Co. has a one year low of $19.16 and a one year high of $27.96.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $331.45 million. Analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.89%. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

Insider Activity at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the sale, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. This trade represents a 76.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.20% of the stock is currently owned by insiders.

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.