JPMorgan Chase & Co. Purchases 221,920 Shares of Magnolia Oil & Gas Corp $MGY

JPMorgan Chase & Co. lifted its position in Magnolia Oil & Gas Corp (NYSE:MGY) by 34.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 858,972 shares of the company’s stock after acquiring an additional 221,920 shares during the quarter. JPMorgan Chase & Co. owned 0.46% of Magnolia Oil & Gas worth $20,504,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MGY. Mather Group LLC. bought a new stake in Magnolia Oil & Gas in the third quarter worth about $31,000. EverSource Wealth Advisors LLC raised its holdings in shares of Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after buying an additional 864 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Magnolia Oil & Gas by 90.5% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock worth $50,000 after acquiring an additional 1,051 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Magnolia Oil & Gas by 31.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,003 shares of the company’s stock valued at $72,000 after acquiring an additional 720 shares during the period. Finally, Osaic Holdings Inc. boosted its holdings in Magnolia Oil & Gas by 160.0% during the 2nd quarter. Osaic Holdings Inc. now owns 4,363 shares of the company’s stock valued at $100,000 after acquiring an additional 2,685 shares during the period. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Trading Up 1.2%

MGY opened at $31.29 on Wednesday. The stock’s fifty day moving average is $26.92 and its two-hundred day moving average is $24.34. The company has a market capitalization of $5.83 billion, a P/E ratio of 18.19, a PEG ratio of 2.79 and a beta of 0.89. Magnolia Oil & Gas Corp has a 52 week low of $19.09 and a 52 week high of $31.66. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share 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 during the quarter, compared to analysts’ expectations of $322.18 million. During the same period in the prior year, the business earned $0.44 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. Analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on MGY. The Goldman Sachs Group upped their price objective on Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Friday, March 6th. Roth Mkm restated a “buy” rating on shares of Magnolia Oil & Gas in a report on Tuesday, February 10th. Mizuho set a $30.00 price target on shares of Magnolia Oil & Gas in a research note on Friday, February 6th. Finally, BMO Capital Markets assumed coverage on shares of Magnolia Oil & Gas in a report on Friday, January 9th. They set an “outperform” rating and a $27.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and an average target price of $29.27.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Edward P. Djerejian sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $28.98, for a total transaction of $521,640.00. Following the transaction, the director owned 110,425 shares of the company’s stock, valued at approximately $3,200,116.50. This trade represents a 14.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Timothy D. Yang sold 150,000 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.29, for a total transaction of $4,393,500.00. Following the completion of the sale, the executive vice president owned 526,661 shares of the company’s stock, valued at approximately $15,425,900.69. This represents a 22.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 338,954 shares of company stock valued at $9,911,733 over the last quarter. 0.93% of the stock is owned by company insiders.

Magnolia Oil & Gas 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).