Magnolia Oil & Gas (NYSE:MGY) Reaches New 1-Year High After Dividend Announcement

Magnolia Oil & Gas Corp (NYSE:MGY) shares reached a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as $26.48 and last traded at $25.5410, with a volume of 547912 shares trading hands. The stock had previously closed at $25.22.

The newly announced dividend which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 10th will be paid a dividend of $0.165 per share. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, February 10th. Magnolia Oil & Gas’s payout ratio is presently 33.52%.

Analyst Upgrades and Downgrades

MGY has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnolia Oil & Gas in a report on Thursday, January 22nd. Zacks Research downgraded shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Bank of America raised Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and upped their target price for the company from $26.00 to $28.00 in a report on Friday, January 16th. BMO Capital Markets began coverage on shares of Magnolia Oil & Gas in a report on Friday, January 9th. They issued an “outperform” rating and a $27.00 price objective on the stock. Finally, Piper Sandler reduced their price target on Magnolia Oil & Gas from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, November 18th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.64.

Magnolia Oil & Gas Stock Performance

The firm’s fifty day moving average is $22.78 and its 200 day moving average is $23.26. 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 firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 4.22 and a beta of 0.92.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $324.94 million during the quarter, compared to analysts’ expectations of $322.52 million. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. Magnolia Oil & Gas’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. On average, analysts predict that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in MGY. American Century Companies Inc. lifted its holdings in Magnolia Oil & Gas by 12.9% during the 2nd quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock valued at $266,641,000 after purchasing an additional 1,358,878 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Magnolia Oil & Gas by 4.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,369,713 shares of the company’s stock valued at $152,051,000 after acquiring an additional 283,444 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Magnolia Oil & Gas by 2.2% during the third quarter. Wellington Management Group LLP now owns 5,225,168 shares of the company’s stock worth $124,725,000 after buying an additional 113,458 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Magnolia Oil & Gas by 5.6% during the second quarter. Geode Capital Management LLC now owns 4,531,855 shares of the company’s stock worth $101,895,000 after purchasing an additional 238,356 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of Magnolia Oil & Gas by 55.7% during the third quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock worth $106,898,000 after purchasing an additional 1,601,809 shares during the period. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company 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).