Magnolia Oil & Gas (NYSE:MGY) Shares Up 13.5% After Insider Buying Activity

Magnolia Oil & Gas Corp (NYSE:MGY) shot up 13.5% during mid-day trading on Monday following insider buying activity. The company traded as high as $6.26 and last traded at $6.23, 3,712,334 shares traded hands during trading. An increase of 59% from the average session volume of 2,327,652 shares. The stock had previously closed at $5.49.

Specifically, CEO Stephen I. Chazen bought 14,700 shares of Magnolia Oil & Gas stock in a transaction on Thursday, June 25th. The shares were purchased at an average price of $5.63 per share, for a total transaction of $82,761.00. Following the completion of the acquisition, the chief executive officer now owns 6,881,885 shares in the company, valued at $38,745,012.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have acquired 64,700 shares of company stock worth $378,511. Company insiders own 5.57% of the company’s stock.

A number of equities research analysts have recently commented on MGY shares. ValuEngine raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Friday, May 8th. Credit Suisse Group started coverage on Magnolia Oil & Gas in a research report on Thursday, March 19th. They set a “hold” rating and a $7.00 price target on the stock. Zacks Investment Research raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating and set a $6.25 price target on the stock in a research report on Tuesday, June 2nd. TheStreet lowered Magnolia Oil & Gas from a “c-” rating to a “d+” rating in a research report on Tuesday, March 10th. Finally, MKM Partners started coverage on Magnolia Oil & Gas in a research report on Thursday, June 4th. They set a “buy” rating and a $7.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $8.16.

The stock has a 50-day moving average of $5.99 and a 200-day moving average of $7.68. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -0.88 and a beta of 2.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.34 and a current ratio of 1.34.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.04). The company had revenue of $181.37 million during the quarter, compared to the consensus estimate of $190.42 million. Magnolia Oil & Gas had a negative net margin of 132.38% and a positive return on equity of 0.82%. Sell-side analysts predict that Magnolia Oil & Gas Corp will post -0.18 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Americana Partners LLC bought a new position in Magnolia Oil & Gas in the fourth quarter valued at approximately $42,000. Principal Financial Group Inc. bought a new position in shares of Magnolia Oil & Gas during the 1st quarter worth approximately $42,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Magnolia Oil & Gas during the 1st quarter worth approximately $43,000. Greenleaf Trust bought a new position in shares of Magnolia Oil & Gas during the 1st quarter worth approximately $44,000. Finally, Advisor Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 130.1% during the 4th quarter. Advisor Group Inc. now owns 3,944 shares of the company’s stock worth $49,000 after acquiring an additional 2,230 shares during the period. Hedge funds and other institutional investors own 71.47% of the company’s stock.

About Magnolia Oil & Gas (NYSE:MGY)

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

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