Magnolia Oil & Gas Co. (NYSE:MGY) Stock Position Lifted by Citigroup Inc.

Citigroup Inc. lifted its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 30.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 313,778 shares of the company’s stock after acquiring an additional 73,431 shares during the period. Citigroup Inc. owned about 0.16% of Magnolia Oil & Gas worth $7,662,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Oliver Luxxe Assets LLC lifted its stake in Magnolia Oil & Gas by 80.6% in the third quarter. Oliver Luxxe Assets LLC now owns 87,624 shares of the company’s stock valued at $2,140,000 after buying an additional 39,098 shares during the last quarter. Argent Capital Management LLC boosted its stake in Magnolia Oil & Gas by 56.8% during the second quarter. Argent Capital Management LLC now owns 29,111 shares of the company’s stock valued at $738,000 after buying an additional 10,547 shares in the last quarter. Comerica Bank grew its holdings in Magnolia Oil & Gas by 38.8% during the first quarter. Comerica Bank now owns 172,569 shares of the company’s stock worth $4,478,000 after acquiring an additional 48,228 shares during the period. Tidal Investments LLC acquired a new position in shares of Magnolia Oil & Gas in the 1st quarter worth approximately $566,000. Finally, AMG National Trust Bank raised its holdings in shares of Magnolia Oil & Gas by 13.7% in the 2nd quarter. AMG National Trust Bank now owns 65,508 shares of the company’s stock worth $1,660,000 after purchasing an additional 7,879 shares in the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MGY shares. Truist Financial upped their price target on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. cut their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Mizuho lowered 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 lowered Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Finally, Piper Sandler dropped their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.67.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $27.74 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The business has a 50-day moving average of $26.40 and a 200-day moving average of $25.58. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.41 and a beta of 1.99. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $29.02.

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 company had revenue of $333.14 million during the quarter, compared to analysts’ expectations of $331.45 million. As a group, sell-side analysts predict that Magnolia Oil & Gas Co. will post 1.99 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 Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Friday, November 8th. Magnolia Oil & Gas’s payout ratio is 25.74%.

Insider Activity

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction 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. The trade was a 76.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is currently owned by company 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.