PDT Partners LLC Cuts Stock Position in Magnolia Oil & Gas Co. (NYSE:MGY)

PDT Partners LLC trimmed its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 33.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 171,493 shares of the company’s stock after selling 86,497 shares during the period. PDT Partners LLC’s holdings in Magnolia Oil & Gas were worth $4,188,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its holdings in Magnolia Oil & Gas by 0.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 594,173 shares of the company’s stock worth $15,419,000 after purchasing an additional 1,624 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Magnolia Oil & Gas during the first quarter valued at approximately $566,000. Comerica Bank lifted its holdings in shares of Magnolia Oil & Gas by 38.8% in the first quarter. Comerica Bank now owns 172,569 shares of the company’s stock worth $4,478,000 after buying an additional 48,228 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Magnolia Oil & Gas by 184.4% in the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after buying an additional 1,042 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position 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 worth $26,000 after acquiring an additional 982 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Wells Fargo & Company downgraded 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. Susquehanna cut their price target on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Truist Financial lifted their price objective on Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. cut their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $27.67.

Magnolia Oil & Gas Stock Up 0.2 %

Shares of MGY opened at $27.74 on Friday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The business has a fifty day moving average of $26.40 and a 200 day moving average of $25.58. The company has a market cap of $5.45 billion, a PE ratio of 13.73, a P/E/G ratio of 1.41 and a beta of 1.99. Magnolia Oil & Gas Co. has a 52-week low of $19.16 and a 52-week high of $29.02.

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

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.87%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

Insiders Place Their Bets

In related news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. This trade represents a 76.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is owned by insiders.

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.