T. Rowe Price Investment Management Inc. Sells 689,882 Shares of Magnolia Oil & Gas Corp $MGY

T. Rowe Price Investment Management Inc. lessened its stake in Magnolia Oil & Gas Corp (NYSE:MGY) by 8.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 7,261,115 shares of the company’s stock after selling 689,882 shares during the quarter. T. Rowe Price Investment Management Inc.’s holdings in Magnolia Oil & Gas were worth $183,416,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MGY. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the 1st quarter valued at $30,000. Quarry LP raised its stake in shares of Magnolia Oil & Gas by 1,047.8% in the 4th quarter. Quarry LP now owns 2,135 shares of the company’s stock valued at $50,000 after purchasing an additional 1,949 shares during the period. Parallel Advisors LLC raised its stake in shares of Magnolia Oil & Gas by 122.8% in the 1st quarter. Parallel Advisors LLC now owns 2,308 shares of the company’s stock valued at $58,000 after purchasing an additional 1,272 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 16.8% in the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company’s stock valued at $111,000 after purchasing an additional 629 shares in the last quarter. Finally, Pacer Advisors Inc. acquired a new position in shares of Magnolia Oil & Gas during the first quarter worth about $136,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGY. Piper Sandler lifted their target price on Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. UBS Group reaffirmed a “buy” rating and set a $29.00 price target (up from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. Bank of America lifted their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, May 23rd. Wells Fargo & Company cut their price objective on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an “underweight” rating on the stock in a research report on Monday, June 16th. Finally, Citigroup reaffirmed a “sell” rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Three equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $26.67.

Magnolia Oil & Gas Stock Up 0.2%

MGY stock opened at $23.1450 on Thursday. The company has a market cap of $4.42 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 2.99 and a beta of 1.31. Magnolia Oil & Gas Corp has a twelve month low of $19.09 and a twelve month high of $29.02. The business has a 50 day moving average price of $23.52 and a two-hundred day moving average price of $22.95. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.40 by $0.03. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.The company had revenue of $318.98 million during the quarter, compared to the consensus estimate of $311.58 million. During the same quarter in the prior year, the firm posted $0.51 EPS. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. Analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 11th will be paid a $0.15 dividend. The ex-dividend date is Monday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 31.41%.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.