Magnolia Oil & Gas (NYSE:MGY) Sets New 12-Month High – Here’s Why

Magnolia Oil & Gas Corp (NYSE:MGY) shares hit a new 52-week high during trading on Monday . The company traded as high as $29.10 and last traded at $28.5750, with a volume of 371320 shares trading hands. The stock had previously closed at $27.82.

Analyst Upgrades and Downgrades

MGY has been the topic of a number of recent analyst reports. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Wednesday, January 21st. BMO Capital Markets started coverage on Magnolia Oil & Gas in a research note on Friday, January 9th. They issued an “outperform” rating and a $27.00 price target on the stock. The Goldman Sachs Group boosted their price target on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. UBS Group reaffirmed a “buy” rating and issued a $29.00 target price on shares of Magnolia Oil & Gas in a research note on Friday, January 9th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, February 10th. Eight equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.58.

Magnolia Oil & Gas Trading Up 1.5%

The business has a 50 day moving average of $24.33 and a two-hundred day moving average of $23.69. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 16.41 and a beta of 0.96. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The company had revenue of $317.63 million for the quarter, compared to analysts’ expectations of $322.18 million. During the same period last year, the business earned $0.44 EPS. Magnolia Oil & Gas’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities analysts predict that Magnolia Oil & Gas Corp will post 2.1 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 10th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Tuesday, February 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 2.3%. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several large investors have recently made changes to their positions in the business. American Century Companies Inc. lifted its stake in Magnolia Oil & Gas by 12.9% in the second 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. State Street Corp lifted its stake in Magnolia Oil & Gas by 1.4% during the fourth quarter. State Street Corp now owns 8,800,807 shares of the company’s stock worth $192,650,000 after purchasing an additional 125,707 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Magnolia Oil & Gas by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,634,362 shares of the company’s stock valued at $145,230,000 after acquiring an additional 264,649 shares during the last quarter. TD Asset Management Inc lifted its stake in Magnolia Oil & Gas by 26.6% in the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock worth $124,156,000 after purchasing an additional 1,193,458 shares during the last quarter. Finally, Epoch Investment Partners Inc. grew its stake in shares of Magnolia Oil & Gas by 28.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company’s stock valued at $116,675,000 after buying an additional 1,191,438 shares during the last quarter. 94.73% of the stock is 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).