Louisiana State Employees Retirement System Takes $2.53 Million Position in Magnolia Oil & Gas Corp $MGY

Louisiana State Employees Retirement System acquired a new position in Magnolia Oil & Gas Corp (NYSE:MGY) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 80,200 shares of the company’s stock, valued at approximately $2,532,000.

Several other large investors have also modified their holdings of the company. Salomon & Ludwin LLC raised its holdings in Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after acquiring an additional 760 shares during the period. EverSource Wealth Advisors LLC lifted its position in Magnolia Oil & Gas by 165.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after acquiring an additional 864 shares during the last quarter. Torren Management LLC bought a new stake in Magnolia Oil & Gas during the fourth quarter valued at about $38,000. Parallel Advisors LLC boosted its holdings in Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after acquiring an additional 785 shares during the period. Finally, First Horizon Corp grew its position in shares of Magnolia Oil & Gas by 159.8% in the fourth quarter. First Horizon Corp now owns 1,889 shares of the company’s stock valued at $41,000 after purchasing an additional 1,162 shares during the last quarter. 94.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on MGY. KeyCorp reiterated an “overweight” rating on shares of Magnolia Oil & Gas in a research note on Monday. Zacks Research lowered Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Mizuho lifted their price target on Magnolia Oil & Gas from $33.00 to $35.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wells Fargo & Company cut their price target on Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, May 13th. Finally, Piper Sandler increased their price objective on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $31.33.

Magnolia Oil & Gas Stock Down 3.9%

MGY opened at $25.74 on Tuesday. Magnolia Oil & Gas Corp has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s fifty day moving average price is $28.22 and its two-hundred day moving average price is $26.95. The company has a market capitalization of $4.76 billion, a P/E ratio of 14.97 and a beta of 0.71.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $358.51 million during the quarter, compared to analysts’ expectations of $349.89 million. During the same quarter in the prior year, the company posted $0.54 EPS. The business’s revenue was up 2.3% on a year-over-year basis. On average, analysts anticipate that Magnolia Oil & Gas Corp will post 2.83 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

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