Magnolia Oil & Gas (NYSE:MGY) Reaches New 52-Week High After Dividend Announcement

Magnolia Oil & Gas Corp (NYSE:MGY)’s share price 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. The stock had previously closed at $25.22.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MGY shares. Citigroup raised shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and lifted their target price for the company from $19.00 to $25.00 in a report on Wednesday, January 14th. Zacks Research cut shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. BMO Capital Markets assumed coverage on shares of Magnolia Oil & Gas in a research note on Friday, January 9th. They set an “outperform” rating and a $27.00 target price for the company. UBS Group restated a “buy” rating and issued a $29.00 price target on shares of Magnolia Oil & Gas in a research report on Friday, January 9th. Finally, Susquehanna lowered their target price on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating on the stock in a research note on Monday. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.64.

Magnolia Oil & Gas Trading Down 0.1%

The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average price of $22.78 and a 200-day moving average price of $23.26. The firm has a market capitalization of $4.81 billion, a PE ratio of 14.25, a P/E/G ratio of 4.22 and a beta of 0.92.

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

Institutional Trading of Magnolia Oil & Gas

Institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Magnolia Oil & Gas by 236.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock worth $27,000 after buying an additional 836 shares in the last quarter. Mather Group LLC. purchased a new stake in Magnolia Oil & Gas during the 3rd quarter worth about $31,000. Caitong International Asset Management Co. Ltd purchased a new stake in Magnolia Oil & Gas during the 2nd quarter worth about $30,000. Salomon & Ludwin LLC raised its stake in Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after purchasing an additional 760 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after purchasing an additional 864 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other 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).