Jennison Associates LLC Increases Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Jennison Associates LLC boosted its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 2.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,836 shares of the company’s stock after purchasing an additional 506 shares during the quarter. Jennison Associates LLC’s holdings in Magnolia Oil & Gas were worth $582,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oliver Luxxe Assets LLC grew its holdings 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 valued at $2,140,000 after buying an additional 39,098 shares during the last quarter. Argent Capital Management LLC grew 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 acquiring an additional 10,547 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Magnolia Oil & Gas by 740.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 157,757 shares of the company’s stock worth $4,092,000 after buying an additional 138,982 shares in the last quarter. Comerica Bank grew its stake in shares of Magnolia Oil & Gas by 38.8% in 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 in the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Magnolia Oil & Gas in the 1st quarter worth $566,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Performance

MGY opened at $28.79 on Monday. 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 firm has a fifty day moving average price of $26.14 and a 200 day moving average price of $25.52. The stock has a market cap of $5.66 billion, a P/E ratio of 14.25, a P/E/G ratio of 1.44 and a beta of 1.99. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. The business had revenue of $333.14 million during the quarter, compared to analyst estimates of $331.45 million. Equities research analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 earnings per share 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 issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.74%.

Insider Activity at Magnolia Oil & Gas

In related news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company lowered shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $26.00 to $22.00 in a report on Tuesday, October 1st. Truist Financial lifted their price objective on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 1st. Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a report on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price target 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. Finally, Mizuho cut their price objective on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Magnolia Oil & Gas presently has an average rating of “Hold” and a consensus 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.