Independence Bank of Kentucky Trims Stock Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Independence Bank of Kentucky cut its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 44.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,250 shares of the company’s stock after selling 5,050 shares during the period. Independence Bank of Kentucky’s holdings in Magnolia Oil & Gas were worth $146,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MGY. Harbor Capital Advisors Inc. acquired a new position in Magnolia Oil & Gas during the third quarter valued at $25,000. First Horizon Advisors Inc. grew its holdings in Magnolia Oil & Gas by 64.7% in the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after purchasing an additional 396 shares during the period. R Squared Ltd purchased a new stake in Magnolia Oil & Gas in the 4th quarter worth $43,000. Avior Wealth Management LLC increased its stake in shares of Magnolia Oil & Gas by 30.0% during the fourth quarter. Avior Wealth Management LLC now owns 2,194 shares of the company’s stock worth $51,000 after purchasing an additional 506 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Magnolia Oil & Gas by 62.4% during the third quarter. GAMMA Investing LLC now owns 2,609 shares of the company’s stock valued at $64,000 after acquiring an additional 1,002 shares during the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Trading Down 3.2 %

Shares of MGY stock opened at $23.71 on Monday. The company has a market capitalization of $4.66 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 3.12 and a beta of 2.00. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The business’s 50 day moving average is $25.15 and its two-hundred day moving average is $25.46. Magnolia Oil & Gas Co. has a twelve month low of $19.53 and a twelve month high of $29.02.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MGY. Johnson Rice cut shares of Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, January 28th. The Goldman Sachs Group lowered Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and decreased their price target for the company from $27.00 to $26.00 in a research note on Friday. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price for the company. in a report on Tuesday, October 15th. Finally, Piper Sandler boosted their price target on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Hold” and a consensus price target of $27.58.

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.