M&T Bank Corp Reduces Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

M&T Bank Corp lessened its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 20.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,899 shares of the company’s stock after selling 6,599 shares during the period. M&T Bank Corp’s holdings in Magnolia Oil & Gas were worth $633,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its holdings in shares of Magnolia Oil & Gas by 61.9% during the second quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock valued at $72,000 after acquiring an additional 1,090 shares in the last quarter. Argent Capital Management LLC increased its position in Magnolia Oil & Gas by 56.8% during the 2nd quarter. Argent Capital Management LLC now owns 29,111 shares of the company’s stock valued at $738,000 after purchasing an additional 10,547 shares during the period. AMG National Trust Bank raised its holdings in Magnolia Oil & Gas by 13.7% in the 2nd quarter. AMG National Trust Bank now owns 65,508 shares of the company’s stock worth $1,660,000 after purchasing an additional 7,879 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Magnolia Oil & Gas by 1.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,976,184 shares of the company’s stock worth $50,077,000 after purchasing an additional 36,018 shares during the period. Finally, Bailard Inc. bought a new stake in shares of Magnolia Oil & Gas during the 2nd quarter valued at about $215,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. This represents a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Magnolia Oil & Gas Stock Performance

MGY stock opened at $24.24 on Wednesday. The stock has a market capitalization of $4.76 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.29 and a beta of 1.99. The stock’s 50 day simple moving average is $26.55 and its 200 day simple moving average is $25.65. Magnolia Oil & Gas Co. has a 12-month low of $19.16 and a 12-month high of $29.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $333.14 million during the quarter, compared to analyst estimates of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. As a group, research analysts forecast that Magnolia Oil & Gas Co. will post 2 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 Monday, December 2nd. Investors of record on Friday, November 8th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 2.15%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 25.74%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MGY. Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research note on Tuesday, October 15th. Wells Fargo & Company lowered Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Piper Sandler dropped their price target on Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Tuesday. Mizuho increased their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $27.58.

Magnolia Oil & Gas Profile

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.