Magnolia Oil & Gas Co. (NYSE:MGY) Shares Sold by Phocas Financial Corp.

Phocas Financial Corp. trimmed its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 6.7% in the third quarter, Holdings Channel.com reports. The fund owned 116,801 shares of the company’s stock after selling 8,378 shares during the period. Phocas Financial Corp.’s holdings in Magnolia Oil & Gas were worth $2,852,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Harbor Capital Advisors Inc. bought a new stake in Magnolia Oil & Gas during the third quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Magnolia Oil & Gas by 1,753.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after purchasing an additional 982 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the 2nd quarter valued at $26,000. GAMMA Investing LLC raised its holdings in Magnolia Oil & Gas by 184.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after buying an additional 1,042 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of Magnolia Oil & Gas by 61.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock valued at $72,000 after acquiring an additional 1,090 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Truist Financial boosted their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Bank of America upped their price target on Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Mizuho decreased their price objective on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. JPMorgan Chase & Co. dropped their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Finally, Susquehanna decreased their price target on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average price target of $27.67.

Magnolia Oil & Gas Trading Down 0.6 %

Magnolia Oil & Gas stock opened at $27.29 on Wednesday. Magnolia Oil & Gas Co. has a one year low of $19.16 and a one year high of $27.96. The company’s fifty day moving average price is $25.77 and its two-hundred day moving average price is $25.45. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 1.37 and a beta of 1.99.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million during the quarter, compared to analyst estimates of $331.45 million. On average, analysts forecast that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.74%.

Insider Activity at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The trade was a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.40% of the stock is currently owned by company insiders.

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.