Clearbridge Investments LLC Has $13.89 Million Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Clearbridge Investments LLC trimmed its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 41.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 535,051 shares of the company’s stock after selling 373,601 shares during the quarter. Clearbridge Investments LLC owned about 0.26% of Magnolia Oil & Gas worth $13,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Seven Eight Capital LP acquired a new stake in shares of Magnolia Oil & Gas in the first quarter worth $2,989,000. Cynosure Group LLC acquired a new stake in shares of Magnolia Oil & Gas in the first quarter worth $342,000. Edgestream Partners L.P. lifted its stake in shares of Magnolia Oil & Gas by 21.9% in the first quarter. Edgestream Partners L.P. now owns 201,309 shares of the company’s stock worth $5,224,000 after buying an additional 36,111 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Magnolia Oil & Gas by 16.6% in the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after buying an additional 2,956,314 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its stake in shares of Magnolia Oil & Gas by 7.7% in the first quarter. Orion Portfolio Solutions LLC now owns 123,615 shares of the company’s stock worth $3,208,000 after buying an additional 8,842 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director John B. Walker sold 12,000,000 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the completion of the sale, the director now owns 4,164,961 shares in the company, valued at approximately $106,539,702.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Magnolia Oil & Gas Price Performance

Shares of MGY stock traded down $0.29 during mid-day trading on Wednesday, reaching $25.61. The company’s stock had a trading volume of 2,808,146 shares, compared to its average volume of 2,776,077. Magnolia Oil & Gas Co. has a 1-year low of $19.16 and a 1-year high of $27.62. The company has a market cap of $5.19 billion, a P/E ratio of 12.89, a PEG ratio of 1.50 and a beta of 2.02. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.71 and a current ratio of 1.71. The firm’s 50-day moving average is $25.36 and its two-hundred day moving average is $24.10.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The company had revenue of $319.42 million during the quarter, compared to analysts’ expectations of $308.21 million. Magnolia Oil & Gas had a net margin of 30.46% and a return on equity of 20.41%. On average, research analysts predict that Magnolia Oil & Gas Co. will post 2.23 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 3rd. Investors of record on Monday, May 13th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Friday, May 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.87%.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGY. Susquehanna boosted their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “positive” rating in a research report on Monday. Citigroup boosted their target price on shares of Magnolia Oil & Gas from $18.00 to $22.00 and gave the stock a “sell” rating in a research report on Monday, April 15th. Truist Financial dropped their target price on shares of Magnolia Oil & Gas from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday. Mizuho boosted their target price on shares of Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 13th. Finally, Wolfe Research began coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an “outperform” rating and a $32.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.00.

Magnolia Oil & Gas Company Profile

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.