Illinois Municipal Retirement Fund Cuts Position in Magnolia Oil & Gas Corp $MGY

Illinois Municipal Retirement Fund lowered its holdings in Magnolia Oil & Gas Corp (NYSE:MGY) by 67.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,583 shares of the company’s stock after selling 182,309 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Magnolia Oil & Gas were worth $2,797,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Salomon & Ludwin LLC grew its stake in shares of Magnolia Oil & Gas by 130.1% during the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after purchasing an additional 760 shares during the period. Valued Wealth Advisors LLC purchased a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at about $29,000. EverSource Wealth Advisors LLC lifted its stake 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 valued at $31,000 after purchasing an additional 864 shares during the period. Torren Management LLC acquired a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at about $38,000. Finally, Parallel Advisors LLC boosted its holdings in Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after buying an additional 785 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MGY shares. Truist Financial lowered their target price on shares of Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating on the stock in a research report on Tuesday, July 7th. Wells Fargo & Company reduced their price target on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 13th. UBS Group decreased their price target on Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Mizuho upped their price target on Magnolia Oil & Gas from $33.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Magnolia Oil & Gas in a research note on Monday, June 29th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.08.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $27.27 on Monday. The stock has a market capitalization of $5.04 billion, a P/E ratio of 15.85 and a beta of 0.70. Magnolia Oil & Gas Corp has a 12-month low of $21.07 and a 12-month high of $32.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s 50-day moving average is $27.36 and its two-hundred day moving average is $27.34.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The business had revenue of $358.51 million during the quarter, compared to analyst estimates of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 earnings per share. Equities analysts predict that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, May 12th. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

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).