Diamond Hill Capital Management LLC Investment Advisor Invests $11.99 Million in Magnolia Oil & Gas Corp $MGY

Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Magnolia Oil & Gas Corp (NYSE:MGY) during the second quarter, HoldingsChannel reports. The institutional investor purchased 468,704 shares of the company’s stock, valued at approximately $11,989,000.

A number of other institutional investors have also added to or reduced their stakes in MGY. Valued Wealth Advisors LLC bought a new position in Magnolia Oil & Gas in the 1st quarter valued at approximately $29,000. Salomon & Ludwin LLC increased its holdings in shares of Magnolia Oil & Gas by 130.1% during the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after buying an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after buying an additional 864 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Magnolia Oil & Gas during the second quarter worth $39,000. Finally, Torren Management LLC acquired a new position in Magnolia Oil & Gas in the 4th quarter worth about $38,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Trading Up 2.0%

Shares of MGY stock opened at $26.77 on Tuesday. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a 50 day simple moving average of $25.99 and a two-hundred day simple moving average of $27.73. The company has a market cap of $6.34 billion, a P/E ratio of 11.74 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million during the quarter, compared to analysts’ expectations of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The business’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period last year, the company posted $0.41 earnings per share. Research analysts forecast that Magnolia Oil & Gas Corp will post 2.79 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 10th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, August 10th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. Magnolia Oil & Gas’s payout ratio is 31.58%.

Analyst Ratings Changes

Several equities analysts have commented on MGY shares. Mizuho upgraded Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. UBS Group cut their target price on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Citigroup reduced their target price on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. Finally, KeyCorp restated an “overweight” rating and issued a $38.00 price target on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Moderate Buy” and an average price target of $31.62.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director David M. Khani acquired 8,000 shares of the stock in a transaction on Friday, August 7th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director owned 30,622 shares in the company, valued at approximately $765,550. This represents a 35.36% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.92% of the company’s stock.

Magnolia Oil & Gas Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).