Strs Ohio Lowers Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Strs Ohio lowered its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 31.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 117,200 shares of the company’s stock after selling 54,300 shares during the period. Strs Ohio owned approximately 0.06% of Magnolia Oil & Gas worth $2,495,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Magnolia Oil & Gas by 32.5% during the 1st quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock worth $364,245,000 after purchasing an additional 4,086,152 shares during the period. Vanguard Group Inc. lifted its holdings in Magnolia Oil & Gas by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock worth $323,220,000 after buying an additional 168,670 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Magnolia Oil & Gas by 0.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock worth $368,651,000 after buying an additional 55,508 shares in the last quarter. First Trust Advisors LP lifted its holdings in Magnolia Oil & Gas by 562.8% during the 1st quarter. First Trust Advisors LP now owns 8,926,500 shares of the company’s stock worth $195,312,000 after buying an additional 7,579,743 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Magnolia Oil & Gas by 4.9% during the 1st quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock worth $178,054,000 after buying an additional 354,812 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $25.62 on Friday. The firm’s fifty day simple moving average is $24.07 and its 200-day simple moving average is $22.36. Magnolia Oil & Gas Co. has a twelve month low of $18.72 and a twelve month high of $27.33. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.58 and a beta of 2.05.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.04). Magnolia Oil & Gas had a return on equity of 21.21% and a net margin of 31.65%. The company had revenue of $322.63 million for the quarter, compared to analyst estimates of $324.95 million. Equities analysts forecast that Magnolia Oil & Gas Co. will post 2.08 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a dividend of $0.13 per share. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Thursday, February 15th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.37%.

Analyst Upgrades and Downgrades

MGY has been the topic of a number of research reports. Piper Sandler reiterated a “neutral” rating and set a $29.00 target price on shares of Magnolia Oil & Gas in a report on Friday. Truist Financial increased their target price on shares of Magnolia Oil & Gas from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Wells Fargo & Company increased their target price on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the stock an “equal weight” rating in a report on Thursday. Bank of America started coverage on shares of Magnolia Oil & Gas in a report on Tuesday, February 27th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Mizuho raised their price objective on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas has a consensus rating of “Hold” and an average price target of $27.14.

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.