AlphaQuest LLC Buys 87,576 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

AlphaQuest LLC boosted its position in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 350,304.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 87,601 shares of the company’s stock after purchasing an additional 87,576 shares during the period. AlphaQuest LLC’s holdings in Magnolia Oil & Gas were worth $2,048,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Soros Fund Management LLC acquired a new position in Magnolia Oil & Gas in the third quarter worth $18,120,000. Barclays PLC raised its holdings in shares of Magnolia Oil & Gas by 62.5% in the third quarter. Barclays PLC now owns 1,653,736 shares of the company’s stock valued at $40,383,000 after buying an additional 636,049 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Magnolia Oil & Gas during the 4th quarter worth about $13,634,000. State Street Corp grew its holdings in Magnolia Oil & Gas by 4.2% during the 3rd quarter. State Street Corp now owns 10,700,257 shares of the company’s stock worth $261,300,000 after acquiring an additional 435,326 shares during the last quarter. Finally, Centiva Capital LP increased its position in Magnolia Oil & Gas by 767.6% in the 3rd quarter. Centiva Capital LP now owns 487,148 shares of the company’s stock valued at $11,896,000 after acquiring an additional 430,996 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MGY has been the topic of a number of research reports. The Goldman Sachs Group lowered shares of Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $27.00 to $26.00 in a research report on Friday, January 31st. Johnson Rice cut Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a report on Tuesday, January 28th. Truist Financial lifted their price target on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Bank of America restated a “neutral” rating and issued a $28.00 price objective (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Finally, Piper Sandler lifted their target price on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.58.

Insiders Place Their Bets

In related news, CEO Christopher G. Stavros acquired 2,500 shares of the stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $22.05 per share, with a total value of $55,125.00. Following the completion of the transaction, the chief executive officer now directly owns 892,372 shares of the company’s stock, valued at approximately $19,676,802.60. The trade was a 0.28 % increase 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. Corporate insiders own 1.20% of the company’s stock.

Magnolia Oil & Gas Price Performance

Shares of MGY stock opened at $23.28 on Friday. The company has a quick ratio of 1.47, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas Co. has a 12-month low of $21.63 and a 12-month high of $29.02. The firm has a fifty day moving average of $24.16 and a 200-day moving average of $25.12. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 3.01 and a beta of 1.90.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Tuesday, February 18th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $326.61 million during the quarter, compared to analysts’ expectations of $327.40 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. On average, equities research analysts forecast that Magnolia Oil & Gas Co. will post 2.1 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.58%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, February 14th. Magnolia Oil & Gas’s dividend payout ratio is presently 31.09%.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.