Magnolia Oil & Gas Corp $MGY Stock Position Raised by California Public Employees Retirement System

California Public Employees Retirement System lifted its position in Magnolia Oil & Gas Corp (NYSE:MGY) by 8.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 413,997 shares of the company’s stock after buying an additional 32,700 shares during the quarter. California Public Employees Retirement System owned about 0.22% of Magnolia Oil & Gas worth $13,070,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas in the first quarter valued at about $29,000. Salomon & Ludwin LLC increased its position 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 buying an additional 760 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after buying an additional 864 shares during the last quarter. Torren Management LLC acquired a new position in shares of Magnolia Oil & Gas during the fourth quarter worth approximately $38,000. Finally, Parallel Advisors LLC boosted its position in shares of Magnolia Oil & Gas by 79.8% in 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. Institutional investors and hedge funds own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

MGY has been the topic of several recent research reports. Wells Fargo & Company decreased their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 13th. KeyCorp reiterated an “overweight” rating on shares of Magnolia Oil & Gas in a research note on Monday, June 29th. Zacks Research cut shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Weiss Ratings downgraded Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 21st. Finally, Truist Financial cut their price target on Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating on the stock in a research note on Tuesday, July 7th. Eight equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and an average target price of $31.42.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $25.33 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.19. Magnolia Oil & Gas Corp has a 12 month low of $21.07 and a 12 month high of $32.76. The stock has a 50 day moving average of $27.03 and a 200-day moving average of $27.42. The company has a market capitalization of $4.69 billion, a P/E ratio of 14.73 and a beta of 0.70.

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 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 last year, the company posted $0.54 EPS. Magnolia Oil & Gas’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts predict that Magnolia Oil & Gas Corp will post 2.7 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.66 annualized dividend 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).