Bank of New York Mellon Corp Sells 21,412 Shares of Magnolia Oil & Gas Corp $MGY

Bank of New York Mellon Corp cut its stake in Magnolia Oil & Gas Corp (NYSE:MGY) by 1.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,943,586 shares of the company’s stock after selling 21,412 shares during the period. Bank of New York Mellon Corp’s holdings in Magnolia Oil & Gas were worth $61,359,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Magnolia Oil & Gas by 34.8% during the third quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company’s stock worth $20,504,000 after purchasing an additional 221,920 shares during the period. Foster Victor Wealth Advisors LLC increased its holdings in Magnolia Oil & Gas by 9.2% in the 4th quarter. Foster Victor Wealth Advisors LLC now owns 417,192 shares of the company’s stock valued at $9,429,000 after buying an additional 35,223 shares during the period. Bessemer Group Inc. increased its holdings 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 valued at $24,452,000 after buying an additional 204,467 shares during the period. Diamond Hill Capital Management Inc. raised its position in shares of Magnolia Oil & Gas by 210.5% in 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 in the last quarter. Finally, GW&K Investment Management LLC raised its position in shares of Magnolia Oil & Gas by 14.6% in 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 in the last quarter. 94.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MGY. Mizuho reduced their price target on shares of Magnolia Oil & Gas from $35.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday. Susquehanna boosted their price objective on shares of Magnolia Oil & Gas from $35.00 to $36.00 and gave the company a “positive” rating in a research report on Tuesday. Weiss Ratings cut Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Citigroup reduced their target price on Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating on the stock in a report on Monday, April 13th. Finally, Zacks Research lowered Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Hold” and an average price target of $31.58.

Magnolia Oil & Gas Trading Up 2.1%

MGY opened at $25.62 on Thursday. The company has a market cap of $4.74 billion, a P/E ratio of 14.90 and a beta of 0.70. 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 company’s 50 day moving average is $27.17 and its 200-day moving average is $27.41. Magnolia Oil & Gas Corp has a 1-year low of $21.07 and a 1-year high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. Equities research analysts predict that Magnolia Oil & Gas Corp will post 2.7 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, May 12th. 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).