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

Shares of Magnolia Oil & Gas Corp (NYSE:MGY) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.47 and last traded at $31.4070, with a volume of 625 shares trading hands. The stock had previously closed at $30.92.

Analysts Set New Price Targets

MGY has been the topic of a number of recent research reports. BMO Capital Markets assumed coverage on shares of Magnolia Oil & Gas in a research note on Friday, January 9th. They issued an “outperform” rating and a $27.00 price objective for the company. Roth Mkm restated a “buy” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, February 10th. Piper Sandler boosted their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Wells Fargo & Company set a $25.00 target price on Magnolia Oil & Gas in a research report on Monday, February 16th. Finally, The Goldman Sachs Group lifted their target price on Magnolia Oil & Gas from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 11th. Eight investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $29.27.

Magnolia Oil & Gas Trading Up 1.4%

The company has a market capitalization of $5.84 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 2.78 and a beta of 0.89. The company has a 50 day simple moving average of $26.75 and a 200 day simple moving average of $24.29. 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 posted its quarterly earnings results on Thursday, February 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate 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 business had revenue of $317.63 million for the quarter, compared to analyst estimates of $322.18 million. During the same quarter in the previous year, the firm earned $0.44 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. Analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th were paid a $0.165 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.1%. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Edward P. Djerejian sold 18,000 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $28.98, for a total transaction of $521,640.00. Following the completion of the transaction, the director directly owned 110,425 shares of the company’s stock, valued at approximately $3,200,116.50. The trade was a 14.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Timothy D. Yang sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.29, for a total transaction of $4,393,500.00. Following the sale, the executive vice president owned 526,661 shares in the company, valued at $15,425,900.69. The trade was a 22.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 338,954 shares of company stock valued at $9,911,733. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several large investors have recently bought and sold shares of MGY. Lido Advisors LLC lifted its position in shares of Magnolia Oil & Gas by 2.4% during the 4th quarter. Lido Advisors LLC now owns 16,197 shares of the company’s stock valued at $382,000 after acquiring an additional 387 shares during the period. Oak Family Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 0.9% in the 4th quarter. Oak Family Advisors LLC now owns 47,620 shares of the company’s stock worth $1,042,000 after acquiring an additional 410 shares during the period. Smartleaf Asset Management LLC increased its stake 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 increased its stake in 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 purchasing an additional 453 shares in the last quarter. Finally, Coldstream Capital Management Inc. raised its holdings in Magnolia Oil & Gas by 3.1% during the third quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock worth $380,000 after purchasing an additional 482 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

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).