Magnolia Oil & Gas (NYSE:MGY) Reaches New 12-Month High – Here’s What Happened

Magnolia Oil & Gas Corp (NYSE:MGY) shares reached a new 52-week high during trading on Monday . The company traded as high as $29.74 and last traded at $29.12, with a volume of 925270 shares changing hands. The stock had previously closed at $29.22.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. BMO Capital Markets began coverage on 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. Mizuho set a $30.00 price target on Magnolia Oil & Gas in a research note on Friday, February 6th. Zacks Research raised Magnolia Oil & Gas from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a report on Wednesday, January 21st. Finally, Bank of America raised shares of 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 research report on Friday, January 16th. Eight analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $28.18.

Magnolia Oil & Gas Price Performance

The company has a market capitalization of $5.36 billion, a PE ratio of 16.71 and a beta of 0.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54. The stock’s 50 day simple moving average is $25.31 and its 200-day simple moving average is $23.95.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The firm had revenue of $317.63 million during the quarter, compared to analysts’ expectations of $322.18 million. During the same quarter in the previous year, the business posted $0.44 earnings per share. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. As a group, equities analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Tuesday, February 10th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 2.3%. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, February 10th. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

Institutional Trading of Magnolia Oil & Gas

Hedge funds have recently modified their holdings of the stock. Lido Advisors LLC grew its stake in Magnolia Oil & Gas by 2.4% during the 4th quarter. Lido Advisors LLC now owns 16,197 shares of the company’s stock worth $382,000 after purchasing an additional 387 shares in the last quarter. Oak Family Advisors LLC increased its holdings in Magnolia Oil & Gas by 0.9% during the 4th quarter. Oak Family Advisors LLC now owns 47,620 shares of the company’s stock worth $1,042,000 after purchasing an additional 410 shares during the period. Smartleaf Asset Management LLC raised its position in Magnolia Oil & Gas by 10.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,624 shares of the company’s stock valued at $102,000 after purchasing an additional 422 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Magnolia Oil & Gas by 8.0% in the 4th quarter. GAMMA Investing LLC now owns 6,130 shares of the company’s stock valued at $134,000 after buying an additional 453 shares during the period. Finally, Coldstream Capital Management Inc. boosted its stake in shares of Magnolia Oil & Gas by 3.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock valued at $380,000 after buying an additional 482 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

About Magnolia Oil & Gas

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).