Sterling Capital Management LLC Reduces Stake in Magnolia Oil & Gas Corp $MGY

Sterling Capital Management LLC reduced its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 55.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 37,994 shares of the company’s stock after selling 47,578 shares during the period. Sterling Capital Management LLC’s holdings in Magnolia Oil & Gas were worth $1,199,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MGY. Epoch Investment Partners Inc. raised its holdings in shares of Magnolia Oil & Gas by 58.7% in the 3rd quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock worth $98,789,000 after purchasing an additional 1,531,061 shares during the period. HITE Hedge Asset Management LLC grew its holdings in Magnolia Oil & Gas by 661.5% during the fourth quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company’s stock valued at $31,837,000 after purchasing an additional 1,263,407 shares during the period. TD Asset Management Inc increased its position in Magnolia Oil & Gas by 26.6% in the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock worth $124,156,000 after buying an additional 1,193,458 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Magnolia Oil & Gas by 192.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company’s stock worth $33,449,000 after buying an additional 921,970 shares during the last quarter. Finally, Voloridge Investment Management LLC raised its stake in shares of Magnolia Oil & Gas by 116.4% in the fourth quarter. Voloridge Investment Management LLC now owns 969,487 shares of the company’s stock valued at $21,222,000 after buying an additional 521,459 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Analyst Upgrades and Downgrades

MGY has been the topic of a number of recent research reports. Zacks Research cut Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Friday, March 6th. KeyCorp reaffirmed an “overweight” rating on shares of Magnolia Oil & Gas in a report on Monday. Piper Sandler upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Finally, Citigroup reduced their target price on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating for the company in a research note on Monday, April 13th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus price target of $31.33.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $25.74 on Tuesday. The company has a 50 day moving average of $28.22 and a 200 day moving average of $26.95. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.19. The stock has a market cap of $4.76 billion, a P/E ratio of 14.97 and a beta of 0.71. Magnolia Oil & Gas Corp has a 12 month low of $21.07 and a 12 month high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The business had revenue of $358.51 million for the quarter, compared to analysts’ expectations of $349.89 million. During the same period in the prior year, the company posted $0.54 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Magnolia Oil & Gas Corp will post 2.83 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Tuesday, May 12th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 38.37%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).