According to a report by Bloomberg.com, Magnolia Oil & Gas Co. (NYSE:MGY) has received an average rating of “Moderate Buy” from six research firms currently covering the company. Out of the six, one investment analyst has recommended holding the stock, while five have issued a buy recommendation. Additionally, brokers who have covered the stock in the past year have set an average 12-month price target of $27.50.
On Friday, Magnolia Oil & Gas stock opened at $22.30. The company currently holds a market capitalization of $4.68 billion and exhibits a PE ratio of 6.43, with a beta of 2.11. Its current ratio stands at 3.10, while its quick ratio is also 3.10. The debt-to-equity ratio for Magnolia Oil & Gas is at 0.22. Over the past year, the stock has seen a low of $18.17 and a high of $27.57, with its 50-day moving average at $22.48 and its two-hundred day moving average at $21.38.
Several hedge funds have recently made modifications to their holdings in Magnolia Oil & Gas Co., indicating their interest in the business’s prospects and potential growth opportunities.
First Trust Advisors LP, for instance, saw a significant increase in its stake in Magnolia Oil & Gas during the first quarter, boosting it by an impressive 562.8%. With this move, First Trust Advisors LP now owns around 8,926,500 shares worth approximately $195,312 million after acquiring an additional 7,579,743 shares over that period.
BlackRock Inc., another major player in the market, increased its position in Magnolia Oil & Gas by 32.5% during the same period as well—adding around 4,086,152 shares to its portfolio worth an estimated $364,245 million.
American Century Companies Inc. also recently raised its holdings in Magnolia Oil & Gas by a considerable 340.1%, making it the proud owner of approximately 3,142,982 shares valued at $68,764 million after acquiring an additional 2,428,794 shares.
Moreover, Aventail Capital Group LP multiplied its holdings in Magnolia Oil & Gas by an astounding 5,184.9% during the fourth quarter of last year. After this significant increase, Aventail Capital Group LP now owns about 1,880,615 shares worth $44,100 million.
Victory Capital Management Inc., too, has shown confidence in the company’s potential by lifting its position in Magnolia Oil & Gas by 23.3% in the second quarter. Following this move, Victory Capital Management Inc. now possesses approximately 6,068,157 shares valued at $126,824 million after acquiring an additional 1,145,496 shares.
It is important to note that institutional investors and hedge funds currently own a substantial stake of 94.73% in Magnolia Oil & Gas Co., indicating strong investor interest and confidence in the company’s future prospects.
In terms of financial results posted by Magnolia Oil & Gas Co., it reported earnings per share (EPS) of $0.44 for the last quarter on August 1st – surpassing analysts’ expectations by a penny with consensus estimates at $0.43 EPS. The company achieved a net margin of 46.81% and a return on equity (ROE) of 35.63%. However,the business fell just short of revenue expectations for the same period; it generated $280.29 million compared to the consensus estimate of $291.74 million.
Equities analysts anticipate that Magnolia Oil & Gas will post earnings per share (EPS) of around $2.12 for the current year.
Considering the positive rating from research firms, the favorable financial results, and the growing interest from prominent hedge funds and institutional investors, it appears that Magnolia Oil & Gas Co. is on a promising trajectory. Investors may find it worthwhile to keep an eye on this stock as it continues to demonstrate its potential for growth in the oil and gas sector moving forward.
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Insights and Market Performance of Magnolia Oil & Gas (MGY) on September 22, 2023 and the Impact of Quarterly Dividend
On September 22, 2023, several brokerages provided their insights on Magnolia Oil & Gas (MGY) and its recent market performance. Piper Sandler, an investment banking firm, reduced their target price for MGY shares from $33.00 to $29.00 in a research report published on June 13th. Mizuho, another prominent brokerage, increased their target price for the company’s stock from $25.00 to $26.00 and gave it a “neutral” rating in a research note dated September 6th.
Truist Financial, an esteemed financial services company, also raised its target price for Magnolia Oil & Gas from $27.00 to $29.00 while assigning it a “buy” rating in its report released on September 6th.
The recent announcement by Magnolia Oil & Gas regarding a quarterly dividend is worth noting as well. The dividend was paid to shareholders of record on Thursday, August 10th. Those who held shares until this date received a payment of $0.115 per share as a dividend.
It is important to highlight that the ex-dividend date for this payment was set for Wednesday, August 9th. This means that anyone who bought or sold MGY shares after this date would not be entitled to receive the dividend payment.
On an annualized basis, the announced dividend amounts to $0.46 per share and yields approximately 2.06%. Additionally, investors may find it informative that Magnolia Oil & Gas has a payout ratio of 13.26%, suggesting that it distributes around 13% of its earnings as dividends.
Amidst these developments and various analysts’ viewpoints, investors will need to carefully consider the information provided before making decisions related to investing in Magnolia Oil & Gas (MGY). As always, conducting thorough research and seeking advice from financial professionals is highly recommended when approaching investment opportunities.
