Magnolia Oil & Gas Co. (NYSE:MGY) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 1.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 52,834 shares of the company’s stock after purchasing an additional 548 shares during the period. PNC Financial Services Group Inc.’s holdings in Magnolia Oil & Gas were worth $1,290,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Harbor Capital Advisors Inc. purchased a new stake in shares of Magnolia Oil & Gas in the 3rd quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Magnolia Oil & Gas by 1,753.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after purchasing an additional 982 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in Magnolia Oil & Gas in the second quarter valued at $26,000. GAMMA Investing LLC increased its holdings in Magnolia Oil & Gas by 184.4% in the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after buying an additional 1,042 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Magnolia Oil & Gas by 61.9% in the second quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock valued at $72,000 after buying an additional 1,090 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MGY. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Truist Financial increased their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research 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 on the stock. in a research note on Tuesday, October 15th. JPMorgan Chase & Co. decreased their price objective on shares of 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. Finally, Wells Fargo & Company lowered Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $26.00 to $22.00 in a report on Tuesday, October 1st. 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 company. Based on data from MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and an average price target of $27.67.

Magnolia Oil & Gas Price Performance

MGY opened at $27.68 on Thursday. Magnolia Oil & Gas Co. has a 1 year low of $19.16 and a 1 year high of $29.02. The company’s 50 day simple moving average is $26.28 and its 200 day simple moving average is $25.54. The stock has a market capitalization of $5.44 billion, a PE ratio of 13.84, a P/E/G ratio of 1.43 and a beta of 1.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last issued 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 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. As a group, sell-side analysts expect that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a dividend of $0.13 per share. The ex-dividend date is Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.88%. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

Insider Buying and Selling

In other news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. This trade represents a 76.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by corporate 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.