JPMorgan Chase & Co. Reduces Holdings in Magnolia Oil & Gas Corp $MGY

JPMorgan Chase & Co. reduced its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 20.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 637,052 shares of the company’s stock after selling 162,745 shares during the quarter. JPMorgan Chase & Co. owned about 0.33% of Magnolia Oil & Gas worth $14,321,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Magnolia Oil & Gas by 236.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock worth $27,000 after purchasing an additional 836 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Magnolia Oil & Gas during the 2nd quarter worth approximately $30,000. GAMMA Investing LLC grew its stake in Magnolia Oil & Gas by 98.6% during the 2nd quarter. GAMMA Investing LLC now owns 5,009 shares of the company’s stock worth $113,000 after buying an additional 2,487 shares during the last quarter. Smartleaf Asset Management LLC increased its position in Magnolia Oil & Gas by 34.3% during the first quarter. Smartleaf Asset Management LLC now owns 5,072 shares of the company’s stock worth $128,000 after buying an additional 1,295 shares during the period. Finally, State of Wyoming lifted its stake in Magnolia Oil & Gas by 8.2% in the first quarter. State of Wyoming now owns 5,777 shares of the company’s stock valued at $146,000 after buying an additional 440 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

MGY has been the topic of a number of research reports. Piper Sandler lowered their target price on shares of Magnolia Oil & Gas from $25.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 18th. KeyCorp set a $29.00 price target on shares of Magnolia Oil & Gas and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. William Blair assumed coverage on shares of Magnolia Oil & Gas in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Mizuho upped their target price on shares of Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $26.25.

Magnolia Oil & Gas Stock Up 0.8%

MGY stock opened at $23.59 on Friday. Magnolia Oil & Gas Corp has a one year low of $19.09 and a one year high of $26.84. The stock has a market capitalization of $4.45 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 3.17 and a beta of 0.93. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The company has a fifty day moving average of $22.99 and a 200-day moving average of $23.35.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. The business had revenue of $324.94 million for the quarter, compared to analyst estimates of $322.52 million. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. The business’s revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 earnings per share. As a group, analysts expect that Magnolia Oil & Gas Corp will post 2.1 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 10th were paid a $0.15 dividend. The ex-dividend date was Monday, November 10th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. Magnolia Oil & Gas’s payout ratio is 33.52%.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.