Magnolia Oil & Gas Co. (NYSE:MGY) Stock Position Increased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 10.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,015,960 shares of the company’s stock after purchasing an additional 184,793 shares during the quarter. Principal Financial Group Inc. owned about 1.03% of Magnolia Oil & Gas worth $49,238,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MGY. Harbor Capital Advisors Inc. bought a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $25,000. First Horizon Advisors Inc. lifted its holdings in Magnolia Oil & Gas by 64.7% in the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after purchasing an additional 396 shares during the period. GAMMA Investing LLC increased its stake in Magnolia Oil & Gas by 62.4% during the 3rd quarter. GAMMA Investing LLC now owns 2,609 shares of the company’s stock valued at $64,000 after buying an additional 1,002 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Magnolia Oil & Gas by 61.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock worth $72,000 after buying an additional 1,090 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Magnolia Oil & Gas by 36.8% in the third quarter. Covestor Ltd now owns 2,986 shares of the company’s stock valued at $73,000 after acquiring an additional 804 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $22.89 on Monday. The stock’s fifty day simple moving average is $26.31 and its 200-day simple moving average is $25.61. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 1.29 and a beta of 1.99. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The company had revenue of $333.14 million for the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. On average, sell-side analysts predict that Magnolia Oil & Gas Co. will post 2 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MGY shares. Susquehanna cut their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. JPMorgan Chase & Co. dropped their price target on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Mizuho lifted their price objective on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price for the company. in a research note on Tuesday, October 15th. Finally, Piper Sandler decreased their price target on shares of Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.58.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.