Oak Family Advisors LLC Reduces Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Oak Family Advisors LLC decreased its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 78,307 shares of the company’s stock after selling 1,230 shares during the quarter. Oak Family Advisors LLC’s holdings in Magnolia Oil & Gas were worth $1,984,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in MGY. Vanguard Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after buying an additional 2,956,314 shares during the period. Principal Financial Group Inc. lifted its position in Magnolia Oil & Gas by 2,799.2% in the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock valued at $48,813,000 after purchasing an additional 1,816,158 shares during the period. First Trust Advisors LP lifted its position in Magnolia Oil & Gas by 20.2% in the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after purchasing an additional 1,704,982 shares during the period. Ranger Investment Management L.P. acquired a new stake in Magnolia Oil & Gas in the fourth quarter valued at about $25,226,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Magnolia Oil & Gas in the first quarter valued at about $30,161,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Mizuho lifted their price target on shares of Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Wolfe Research assumed coverage on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price target on the stock. Finally, Susquehanna lifted their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “positive” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $28.70.

Magnolia Oil & Gas Price Performance

NYSE MGY remained flat at $24.68 during midday trading on Thursday. 1,689,250 shares of the company’s stock traded hands, compared to its average volume of 2,709,368. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.28 and a current ratio of 1.28. The firm has a market cap of $5.00 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 0.90 and a beta of 2.02. The stock has a fifty day moving average of $25.40 and a two-hundred day moving average of $24.77. Magnolia Oil & Gas Co. has a 52 week low of $19.16 and a 52 week high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The business had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. As a group, equities analysts predict that Magnolia Oil & Gas Co. will post 2.16 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

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.