Magnolia Oil & Gas (NYSE:MGY) Shares Gap Down After Insider Selling

Magnolia Oil & Gas Co. (NYSE:MGY)’s share price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $24.61, but opened at $23.92. Magnolia Oil & Gas shares last traded at $24.19, with a volume of 185,489 shares trading hands.

Specifically, Director Ltd. Enervest sold 7,000,000 shares of the 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 completion of the transaction, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several research analysts have issued reports on MGY shares. Wells Fargo & Company decreased their target price on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. JPMorgan Chase & Co. reduced their price target on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 15th. Truist Financial lifted their price target on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Bank of America boosted their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $28.00.

Magnolia Oil & Gas Trading Up 2.4 %

The stock’s fifty day moving average price is $24.94 and its 200 day moving average price is $25.30. 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 stock has a market capitalization of $4.83 billion, a P/E ratio of 12.07, a PEG ratio of 1.27 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The firm had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. Research analysts forecast that Magnolia Oil & Gas Co. will post 2.04 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s payout ratio is presently 25.87%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mather Group LLC. bought a new position in Magnolia Oil & Gas during the 1st quarter worth about $27,000. Massmutual Trust Co. FSB ADV lifted 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 valued at $26,000 after buying an additional 982 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Magnolia Oil & Gas during the second quarter valued at about $26,000. GAMMA Investing LLC lifted its position 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 last quarter. Finally, Lindbrook Capital LLC lifted its position in shares of Magnolia Oil & Gas by 61.5% during the first quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock valued at $43,000 after buying an additional 627 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

About Magnolia Oil & Gas

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.