Magnolia Oil & Gas Co. (NYSE:MGY) to Issue Quarterly Dividend of $0.13

Magnolia Oil & Gas Co. (NYSE:MGYGet Free Report) announced a quarterly dividend on Monday, February 5th, Zacks reports. Stockholders of record on Friday, February 16th will be given a dividend of 0.13 per share on Friday, March 1st. This represents a $0.52 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.12.

Magnolia Oil & Gas has a dividend payout ratio of 19.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Magnolia Oil & Gas to earn $2.23 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 20.6%.

Magnolia Oil & Gas Trading Down 0.6 %

Shares of NYSE MGY opened at $19.87 on Tuesday. The stock has a market capitalization of $4.11 billion, a P/E ratio of 7.31 and a beta of 2.03. The stock’s 50 day moving average price is $20.92 and its two-hundred day moving average price is $21.92. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 52-week low of $18.72 and a 52-week high of $24.02.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds have recently modified their holdings of MGY. State of Wyoming grew its holdings in Magnolia Oil & Gas by 38.8% during the second quarter. State of Wyoming now owns 2,552 shares of the company’s stock worth $53,000 after acquiring an additional 713 shares during the period. Captrust Financial Advisors grew its stake in shares of Magnolia Oil & Gas by 42.4% in the 1st quarter. Captrust Financial Advisors now owns 3,608 shares of the company’s stock worth $85,000 after purchasing an additional 1,075 shares during the last quarter. UBS Group AG raised its holdings in shares of Magnolia Oil & Gas by 22.2% in the 1st quarter. UBS Group AG now owns 4,653 shares of the company’s stock worth $110,000 after purchasing an additional 846 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Magnolia Oil & Gas during the first quarter valued at approximately $206,000. Finally, Mackenzie Financial Corp bought a new stake in Magnolia Oil & Gas during the first quarter worth approximately $213,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MGY. Citigroup lowered Magnolia Oil & Gas from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $24.00 to $18.00 in a research report on Monday, December 11th. Mizuho reduced their target price on shares of Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, January 3rd. Wells Fargo & Company dropped their price target on shares of Magnolia Oil & Gas from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, January 19th. Finally, Piper Sandler reduced their price objective on Magnolia Oil & Gas from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $25.00.

Get Our Latest Stock Analysis on MGY

About Magnolia Oil & Gas

(Get Free Report)

Magnolia Oil & Gas Corporation 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.

Featured Stories

Dividend History for Magnolia Oil & Gas (NYSE:MGY)

Receive News & Ratings for Magnolia Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnolia Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.