The Manufacturers Life Insurance Company Buys 416 Shares of Magnolia Oil & Gas Co. (NYSE:MGY)

The Manufacturers Life Insurance Company boosted its stake in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 0.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,648,313 shares of the company’s stock after purchasing an additional 416 shares during the period. The Manufacturers Life Insurance Company owned about 0.84% of Magnolia Oil & Gas worth $40,252,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Truvestments Capital LLC bought a new position in Magnolia Oil & Gas during the third quarter valued at approximately $90,000. Loomis Sayles & Co. L P lifted its position in Magnolia Oil & Gas by 10.0% during the third quarter. Loomis Sayles & Co. L P now owns 2,782,550 shares of the company’s stock valued at $67,950,000 after purchasing an additional 253,911 shares during the period. Cerity Partners LLC lifted its position in Magnolia Oil & Gas by 22.7% during the third quarter. Cerity Partners LLC now owns 126,095 shares of the company’s stock valued at $3,079,000 after purchasing an additional 23,324 shares during the period. Icon Wealth Advisors LLC lifted its position in Magnolia Oil & Gas by 24.3% during the third quarter. Icon Wealth Advisors LLC now owns 7,484 shares of the company’s stock valued at $183,000 after purchasing an additional 1,464 shares during the period. Finally, Citigroup Inc. raised its position in Magnolia Oil & Gas by 30.6% in the third quarter. Citigroup Inc. now owns 313,778 shares of the company’s stock worth $7,662,000 after acquiring an additional 73,431 shares during the period. Institutional investors own 94.73% of the company’s stock.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The trade was a 76.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by insiders.

Magnolia Oil & Gas Stock Down 1.0 %

Shares of MGY stock opened at $27.68 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.43 and a beta of 1.99. The company’s fifty day moving average price is $26.36 and its 200-day moving average price is $25.57. Magnolia Oil & Gas Co. has a one year low of $19.16 and a one year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The company had revenue of $333.14 million for the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. Sell-side analysts expect that Magnolia Oil & Gas Co. will post 1.99 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.88%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.74%.

Analyst Ratings Changes

Several research analysts have recently weighed in on MGY shares. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target on the stock. in a research note on Tuesday, October 15th. JPMorgan Chase & Co. dropped their price target on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company cut shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $26.00 to $22.00 in a research note on Tuesday, October 1st. Finally, Truist Financial lifted their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $27.67.

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.