Alliancebernstein L.P. Has $129.44 Million Stake in Magnolia Oil & Gas Co. (NYSE:MGY)

Alliancebernstein L.P. cut its stake in Magnolia Oil & Gas Co. (NYSE:MGY) by 2.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,536,416 shares of the company’s stock after selling 157,003 shares during the period. Alliancebernstein L.P. owned approximately 2.82% of Magnolia Oil & Gas worth $129,441,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGY. Soros Fund Management LLC acquired a new stake in shares of Magnolia Oil & Gas in the third quarter valued at approximately $18,120,000. Barclays PLC grew its holdings in shares of Magnolia Oil & Gas by 62.5% in the 3rd quarter. Barclays PLC now owns 1,653,736 shares of the company’s stock valued at $40,383,000 after acquiring an additional 636,049 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at about $13,634,000. Vanguard Group Inc. raised its holdings in Magnolia Oil & Gas by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 20,938,200 shares of the company’s stock worth $489,535,000 after acquiring an additional 452,836 shares in the last quarter. Finally, State Street Corp boosted its position in Magnolia Oil & Gas by 4.2% during the third quarter. State Street Corp now owns 10,700,257 shares of the company’s stock valued at $261,300,000 after purchasing an additional 435,326 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Insider Activity at Magnolia Oil & Gas

In related news, CEO Christopher G. Stavros bought 2,500 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was purchased at an average price of $22.05 per share, with a total value of $55,125.00. Following the completion of the acquisition, the chief executive officer now owns 892,372 shares of the company’s stock, valued at $19,676,802.60. The trade was a 0.28 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is currently owned by insiders.

Magnolia Oil & Gas Stock Up 0.9 %

Shares of NYSE MGY opened at $25.74 on Thursday. Magnolia Oil & Gas Co. has a 52 week low of $21.63 and a 52 week high of $29.02. The stock’s fifty day moving average is $24.03 and its 200 day moving average is $25.12. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.42. The stock has a market capitalization of $5.00 billion, a P/E ratio of 13.34, a PEG ratio of 3.01 and a beta of 1.57.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The company had revenue of $326.61 million during the quarter, compared to the consensus estimate of $327.40 million. Magnolia Oil & Gas had a net margin of 27.82% and a return on equity of 20.74%. Sell-side analysts forecast that Magnolia Oil & Gas Co. will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, February 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.33%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s payout ratio is 31.09%.

Analyst Ratings Changes

Several equities research analysts have recently commented on MGY shares. Truist Financial increased their price objective on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, January 13th. JPMorgan Chase & Co. lowered their price objective on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Piper Sandler lifted their price target on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. The Goldman Sachs Group cut Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and cut their price objective for the company from $27.00 to $26.00 in a research report on Friday, January 31st. Finally, Bank of America reaffirmed a “neutral” rating and set a $28.00 price objective (down from $29.00) on shares of Magnolia Oil & Gas in a research report on Monday, January 13th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $27.77.

Magnolia Oil & Gas Company Profile

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.