Allspring Global Investments Holdings LLC Has $81.43 Million Holdings in Magnolia Oil & Gas Corp $MGY

Allspring Global Investments Holdings LLC lowered its position in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 7.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,699,004 shares of the company’s stock after selling 231,689 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Magnolia Oil & Gas were worth $81,429,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Foster Victor Wealth Advisors LLC boosted its holdings in shares of Magnolia Oil & Gas by 9.2% during the fourth quarter. Foster Victor Wealth Advisors LLC now owns 417,192 shares of the company’s stock worth $9,429,000 after purchasing an additional 35,223 shares during the period. JPMorgan Chase & Co. increased its stake in Magnolia Oil & Gas by 34.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company’s stock valued at $20,504,000 after buying an additional 221,920 shares during the period. Bessemer Group Inc. lifted its position in Magnolia Oil & Gas by 22.4% in the 4th quarter. Bessemer Group Inc. now owns 1,116,993 shares of the company’s stock worth $24,452,000 after buying an additional 204,467 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its stake in shares of Magnolia Oil & Gas by 210.5% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 414,817 shares of the company’s stock valued at $9,080,000 after buying an additional 281,234 shares during the period. Finally, GW&K Investment Management LLC boosted its stake in shares of Magnolia Oil & Gas by 14.6% during the 4th quarter. GW&K Investment Management LLC now owns 3,169,496 shares of the company’s stock valued at $69,381,000 after buying an additional 404,402 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Up 1.4%

Shares of MGY opened at $27.27 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average price of $27.36 and a two-hundred day moving average price of $27.30. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 15.85 and a beta of 0.70. 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, beating analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $358.51 million during the quarter, compared to analysts’ expectations of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. Magnolia Oil & Gas’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 earnings per share. Equities analysts predict that Magnolia Oil & Gas Corp will post 2.67 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company 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. The ex-dividend date was Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. Magnolia Oil & Gas’s dividend payout ratio is currently 38.37%.

Analysts Set New Price Targets

MGY has been the topic of a number of research reports. Truist Financial dropped their price objective on Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating on the stock in a report on Tuesday, July 7th. UBS Group dropped their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Weiss Ratings downgraded shares of Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Wells Fargo & Company decreased their price objective on shares of 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, KeyCorp reaffirmed an “overweight” rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. 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 company presently has a consensus rating of “Hold” and a consensus price target of $31.08.

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).