840,275 Magnolia Oil & Gas Corp $MGY Shares Acquired by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH increased its holdings in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 96.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,711,173 shares of the company’s stock after buying an additional 840,275 shares during the quarter. Fort Washington Investment Advisors Inc. OH’s holdings in Magnolia Oil & Gas were worth $40,195,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Central Pacific Bank Trust Division raised its position in shares of Magnolia Oil & Gas by 96.4% in the 3rd quarter. Central Pacific Bank Trust Division now owns 11,430 shares of the company’s stock worth $268,000 after buying an additional 5,610 shares during the period. Tidal Investments LLC raised its position in Magnolia Oil & Gas by 34.3% in the second quarter. Tidal Investments LLC now owns 93,383 shares of the company’s stock valued at $2,389,000 after purchasing an additional 23,833 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Magnolia Oil & Gas during the second quarter worth $72,000. IFP Advisors Inc boosted its stake in Magnolia Oil & Gas by 12.2% during the 2nd quarter. IFP Advisors Inc now owns 9,180 shares of the company’s stock valued at $235,000 after acquiring an additional 999 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Magnolia Oil & Gas by 11.0% in the 2nd quarter. Allworth Financial LP now owns 5,760 shares of the company’s stock valued at $147,000 after purchasing an additional 571 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David Khani bought 8,000 shares of Magnolia Oil & Gas stock in a transaction on Friday, August 7th. The stock was purchased at an average cost of $25.00 per share, with a total value of $200,000.00. Following the purchase, the director directly owned 30,622 shares of the company’s stock, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.92% of the stock is owned by insiders.

Magnolia Oil & Gas Stock Performance

MGY stock opened at $24.86 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a market capitalization of $5.89 billion, a price-to-earnings ratio of 10.91 and a beta of 0.80. Magnolia Oil & Gas Corp has a 1 year low of $21.07 and a 1 year high of $32.76. The stock’s fifty day moving average is $25.86 and its two-hundred day moving average is $27.10.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.06. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. On average, research analysts predict that Magnolia Oil & Gas Corp will post 2.75 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 10th were given a $0.18 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.72 annualized dividend and a yield of 2.9%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.1650. Magnolia Oil & Gas’s payout ratio is 31.58%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company lowered their price objective on Magnolia Oil & Gas from $36.00 to $30.00 and set an “equal weight” rating for the company in a report on Wednesday. Zacks Research raised Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating in a report on Monday, September 14th. Susquehanna lifted their target price on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research report on Tuesday, August 11th. Seaport Research Partners initiated coverage on Magnolia Oil & Gas in a research report on Thursday, September 3rd. They issued a “neutral” rating for the company. Finally, Roth Capital lowered their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas has an average rating of “Moderate Buy” and a consensus target price of $31.47.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and production of crude oil, natural gas and natural gas liquids.

Magnolia’s operations are concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas, including its Karnes and Giddings areas. Its production activities are supported by established infrastructure and involve the development of unconventional oil and gas resources.

The company was formed in 2017 through a business combination involving TPG Pace Energy Holdings Corp.