Fifth Third Bancorp Acquires 71,833 Shares of Magnolia Oil & Gas Corp $MGY

Fifth Third Bancorp grew its holdings in Magnolia Oil & Gas Corp (NYSE:MGY) by 8,323.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 72,696 shares of the company’s stock after acquiring an additional 71,833 shares during the period. Fifth Third Bancorp’s holdings in Magnolia Oil & Gas were worth $2,295,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lido Advisors LLC increased its holdings in shares of Magnolia Oil & Gas by 2.4% during the 4th quarter. Lido Advisors LLC now owns 16,197 shares of the company’s stock worth $382,000 after acquiring an additional 387 shares during the last quarter. Oak Family Advisors LLC boosted its position in Magnolia Oil & Gas by 0.9% during the fourth quarter. Oak Family Advisors LLC now owns 47,620 shares of the company’s stock worth $1,042,000 after purchasing an additional 410 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Magnolia Oil & Gas by 10.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,624 shares of the company’s stock valued at $102,000 after purchasing an additional 422 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Magnolia Oil & Gas by 8.0% in the fourth quarter. GAMMA Investing LLC now owns 6,130 shares of the company’s stock valued at $134,000 after purchasing an additional 453 shares during the last quarter. Finally, Coldstream Capital Management Inc. raised its position in shares of Magnolia Oil & Gas by 3.1% in the third quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock valued at $380,000 after purchasing an additional 482 shares during the period. 94.73% of the stock is currently owned by institutional investors.

More Magnolia Oil & Gas News

Here are the key news stories impacting Magnolia Oil & Gas this week:

• Positive Sentiment: Magnolia agreed to buy private-equity backed WildFire Energy for about $4.06 billion, a move that should significantly expand its South Texas footprint and more than double its presence in the Giddings field. Reuters: Magnolia Oil & Gas to buy WildFire Energy in $4.06 billion deal
• Positive Sentiment: The company also raised its dividend in connection with the transaction, which can be viewed as a sign of confidence in future cash flow. MSN: Magnolia Oil & Gas to buy WildFire Energy in $4B deal, raises dividend
• Neutral Sentiment: Magnolia released more details on the acquisition and held an M&A call as investors digested the strategic rationale and financing structure. Seeking Alpha: Magnolia Oil and Gas Corporation (MGY) M&A Call Transcript
• Negative Sentiment: Shares fell after Magnolia priced a roughly $1.1 billion stock offering at $23.75 per share, signaling dilution that can pressure the stock in the short term. MSN: Magnolia Oil & Gas slides after pricing $1.1B stock offering at $23.75 per share
• Negative Sentiment: Magnolia also announced a proposed public offering of Class A common stock, adding to concerns that the acquisition will be financed partly by issuing new shares. BusinessWire: Magnolia Oil & Gas Corporation Announces Proposed Public Offering of Class A Common Stock

Magnolia Oil & Gas Trading Down 2.2%

MGY stock opened at $24.96 on Wednesday. Magnolia Oil & Gas Corp has a 52 week low of $21.07 and a 52 week high of $32.76. The company has a market capitalization of $4.62 billion, a PE ratio of 14.51 and a beta of 0.70. The company’s 50-day simple moving average is $27.23 and its 200 day simple moving average is $27.39. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The business 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%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.54 EPS. As a group, sell-side analysts anticipate that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

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

Analyst Upgrades and Downgrades

MGY has been the subject of several research analyst reports. Truist Financial reduced their target price on shares of Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating for the company in a report on Tuesday, July 7th. Wells Fargo & Company cut 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 research report on Wednesday, May 13th. Weiss Ratings cut Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Susquehanna upped their target price on Magnolia Oil & Gas from $35.00 to $36.00 and gave the company a “positive” rating in a research report on Tuesday. Finally, Roth Capital raised Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a report on Monday, June 22nd. Eight equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Magnolia Oil & Gas has a consensus rating of “Hold” and an average target price of $31.75.

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).