Gallacher Capital Management LLC Invests $660,000 in Magnolia Oil & Gas Co. (NYSE:MGY)

Gallacher Capital Management LLC acquired a new stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 26,034 shares of the company’s stock, valued at approximately $660,000.

Other hedge funds also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV lifted its position in shares of Magnolia Oil & Gas by 1,753.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after purchasing an additional 982 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas during the 2nd quarter valued at about $26,000. Mather Group LLC. purchased a new stake in Magnolia Oil & Gas in the 1st quarter valued at about $27,000. Private Wealth Management Group LLC bought a new position in Magnolia Oil & Gas in the 4th quarter worth about $33,000. Finally, GAMMA Investing LLC increased its position in shares of Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after acquiring an additional 1,042 shares during the period. Institutional investors own 94.73% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MGY. Wolfe Research started coverage on Magnolia Oil & Gas in a report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price target for the company. Piper Sandler lowered their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Susquehanna cut their price target on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research note on Wednesday. Truist Financial upped their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Bank of America raised their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. One investment 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $28.60.

Magnolia Oil & Gas Stock Down 1.8 %

NYSE:MGY opened at $23.57 on Friday. The company’s 50-day simple moving average is $25.43 and its 200-day simple moving average is $25.13. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.28 and a current ratio of 1.28. Magnolia Oil & Gas Co. has a fifty-two week low of $19.16 and a fifty-two week high of $27.63. The stock has a market capitalization of $4.69 billion, a P/E ratio of 11.73, a P/E/G ratio of 1.15 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The company had revenue of $336.73 million during the quarter, compared to the consensus estimate of $340.72 million. On average, equities analysts anticipate that Magnolia Oil & Gas Co. will post 2.13 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 annualized dividend and a yield of 2.21%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 25.87%.

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.