Magnolia Oil & Gas Co. (NYSE:MGY) Holdings Raised by Fulton Bank N.A.

Fulton Bank N.A. raised its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 10.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,411 shares of the company’s stock after buying an additional 968 shares during the period. Fulton Bank N.A.’s holdings in Magnolia Oil & Gas were worth $264,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MGY. Brown Advisory Inc. purchased a new position in Magnolia Oil & Gas in the fourth quarter valued at about $694,000. Nordea Investment Management AB increased its holdings in Magnolia Oil & Gas by 37.1% in the first quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock worth $13,387,000 after buying an additional 141,046 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in Magnolia Oil & Gas during the first quarter valued at approximately $1,721,000. Texas Permanent School Fund Corp bought a new position in Magnolia Oil & Gas during the first quarter valued at approximately $4,207,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Magnolia Oil & Gas by 9.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,041,390 shares of the company’s stock valued at $64,751,000 after acquiring an additional 274,908 shares during the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock remained flat at $23.53 during trading hours on Tuesday. The company’s stock had a trading volume of 2,857,603 shares, compared to its average volume of 2,779,577. The company’s fifty day simple moving average is $25.41 and its 200-day simple moving average is $24.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.71 and a current ratio of 1.28. Magnolia Oil & Gas Co. has a 12-month low of $19.16 and a 12-month high of $27.63. The stock has a market cap of $4.77 billion, a P/E ratio of 11.70, a PEG ratio of 0.90 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Tuesday, May 7th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The business had revenue of $319.42 million during the quarter, compared to analyst estimates of $308.21 million. As a group, analysts forecast that Magnolia Oil & Gas Co. will post 2.22 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, August 9th. This represents a $0.52 annualized dividend and a dividend yield of 2.21%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.87%.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director John B. Walker sold 12,000,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the completion of the transaction, the director now owns 4,164,961 shares in the company, valued at $106,539,702.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MGY shares. Bank of America lifted their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Capital One Financial assumed coverage on Magnolia Oil & Gas in a report on Tuesday, June 11th. They issued an “overweight” rating and a $28.00 target price for the company. Citigroup increased their price target on Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a “sell” rating in a report on Monday, April 15th. Susquehanna lifted their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “positive” rating in a report on Monday, July 22nd. Finally, Piper Sandler restated a “neutral” rating and set a $29.00 price target on shares of Magnolia Oil & Gas in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Magnolia Oil & Gas has a consensus rating of “Hold” and an average target price of $29.00.

About Magnolia Oil & Gas

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.