Argent Capital Management LLC Grows Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Argent Capital Management LLC boosted its holdings in shares of Magnolia Oil & Gas Co. (NYSE:MGY) by 35.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,290 shares of the company’s stock after purchasing an additional 10,179 shares during the quarter. Argent Capital Management LLC’s holdings in Magnolia Oil & Gas were worth $959,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV raised its stake in shares of Magnolia Oil & Gas by 1,753.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after acquiring an additional 982 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Magnolia Oil & Gas in the 2nd quarter worth $26,000. Mather Group LLC. bought a new position in shares of Magnolia Oil & Gas during the 1st quarter worth $27,000. GAMMA Investing LLC increased its stake in shares of Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after buying an additional 1,042 shares during the period. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Magnolia Oil & Gas in the first quarter valued at about $50,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY traded up $0.13 during midday trading on Thursday, reaching $25.73. 483,382 shares of the company traded hands, compared to its average volume of 2,570,405. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.33 and a beta of 1.99. The stock has a 50-day moving average price of $25.24 and a 200 day moving average price of $25.41. Magnolia Oil & Gas Co. has a 52 week low of $19.16 and a 52 week high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. The company had revenue of $336.73 million for the quarter, compared to the consensus estimate of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. Sell-side analysts anticipate that Magnolia Oil & Gas Co. will post 1.98 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s payout ratio is presently 25.49%.

Wall Street Analyst Weigh In

MGY has been the subject of several recent analyst reports. Siebert Williams Shank downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a report on Tuesday, October 15th. Piper Sandler decreased their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Wells Fargo & Company cut shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $26.00 to $22.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. reduced their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Finally, Wolfe Research initiated coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 target price for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus target price of $27.50.

Insider Buying and Selling at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.20% of the company’s stock.

Magnolia Oil & Gas Company 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.