Magnolia Oil & Gas (NYSE:MGY) Hits New 1-Year High – Time to Buy?

Shares of Magnolia Oil & Gas Co. (NYSE:MGY) reached a new 52-week high during trading on Thursday . The stock traded as high as $27.99 and last traded at $27.99, with a volume of 1015 shares changing hands. The stock had previously closed at $27.71.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Truist Financial raised their target price on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 1st. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Mizuho reduced their price target on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target on the stock. in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $27.67.

Magnolia Oil & Gas Stock Up 1.6 %

The company has a market cap of $5.53 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.39 and a beta of 1.99. The firm’s 50 day moving average price is $25.94 and its two-hundred day moving average price is $25.48. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $333.14 million during the quarter, compared to analyst estimates of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. Equities research analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is 25.74%.

Insiders Place Their Bets

In related news, Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now directly owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The trade was a 76.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in MGY. Vanguard Group Inc. increased its position in shares of Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after buying an additional 2,956,314 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in shares of Magnolia Oil & Gas during the first quarter valued at about $30,161,000. American Century Companies Inc. increased its position in shares of Magnolia Oil & Gas by 9.9% during the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock valued at $237,927,000 after buying an additional 847,542 shares during the period. Soros Fund Management LLC bought a new position in shares of Magnolia Oil & Gas in the third quarter worth approximately $18,120,000. Finally, Barclays PLC increased its position in shares of Magnolia Oil & Gas by 62.5% in the third quarter. Barclays PLC now owns 1,653,736 shares of the company’s stock worth $40,383,000 after purchasing an additional 636,049 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

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.