Magnolia Oil & Gas (NYSE:MGY) Shares Gap Down After Insider Selling

Shares of Magnolia Oil & Gas Co. (NYSE:MGY) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $24.61, but opened at $23.92. Magnolia Oil & Gas shares last traded at $24.19, with a volume of 185,489 shares changing hands.

Specifically, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the transaction, the director now directly owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

Several brokerages recently commented on MGY. Truist Financial increased their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Wells Fargo & Company reduced their price target on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Mizuho reduced their price target on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Bank of America raised their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $28.00.

Magnolia Oil & Gas Stock Performance

The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. The firm has a fifty day moving average price of $24.94 and a 200 day moving average price of $25.30. The firm has a market cap of $4.83 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.27 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.51 by $0.05. The business had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. As a group, equities research analysts expect that Magnolia Oil & Gas Co. will post 2.04 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.13 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 annualized dividend and a yield of 2.14%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.87%.

Institutional Trading of Magnolia Oil & Gas

Several institutional investors and hedge funds have recently bought and sold shares of MGY. Massmutual Trust Co. FSB ADV raised its holdings in Magnolia Oil & Gas by 1,753.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after buying an additional 982 shares during the period. Opal Wealth Advisors LLC purchased a new stake in Magnolia Oil & Gas in the 2nd quarter valued at about $26,000. Mather Group LLC. acquired a new position in Magnolia Oil & Gas in the 1st quarter valued at about $27,000. GAMMA Investing LLC grew its position in Magnolia Oil & Gas by 184.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after acquiring an additional 1,042 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in Magnolia Oil & Gas by 61.5% in the 1st quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock valued at $43,000 after acquiring an additional 627 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.