T. Rowe Price Investment Management Inc. Has $185.90 Million Stock Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

T. Rowe Price Investment Management Inc. trimmed its position in Magnolia Oil & Gas Co. (NYSE:MGY) by 14.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,950,997 shares of the company’s stock after selling 1,315,624 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 4.05% of Magnolia Oil & Gas worth $185,895,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its stake in shares of Magnolia Oil & Gas by 24.6% during the fourth quarter. First Trust Advisors LP now owns 15,410,496 shares of the company’s stock worth $360,297,000 after buying an additional 3,038,709 shares during the last quarter. Barclays PLC raised its position in shares of Magnolia Oil & Gas by 62.5% during 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 during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Magnolia Oil & Gas in the 4th quarter valued at $13,634,000. Renaissance Technologies LLC boosted its position in shares of Magnolia Oil & Gas by 910.5% in the 4th quarter. Renaissance Technologies LLC now owns 541,400 shares of the company’s stock worth $12,658,000 after purchasing an additional 487,820 shares during the last quarter. Finally, Wasatch Advisors LP grew its stake in shares of Magnolia Oil & Gas by 21.2% during the fourth quarter. Wasatch Advisors LP now owns 2,773,828 shares of the company’s stock worth $64,852,000 after purchasing an additional 484,683 shares during the period. 94.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MGY has been the subject of a number of recent analyst reports. Truist Financial upped their price target on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Johnson Rice lowered shares of Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a report on Tuesday, January 28th. Piper Sandler decreased their price target on shares of Magnolia Oil & Gas from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday. Williams Trading set a $29.00 price objective on Magnolia Oil & Gas in a research note on Wednesday, March 5th. Finally, Susquehanna decreased their target price on Magnolia Oil & Gas from $31.00 to $30.00 and set a “positive” rating for the company in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Magnolia Oil & Gas has an average rating of “Hold” and a consensus price target of $27.21.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $20.70 on Thursday. The stock has a market cap of $4.02 billion, a PE ratio of 10.73, a P/E/G ratio of 3.01 and a beta of 1.57. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.42. Magnolia Oil & Gas Co. has a 52-week low of $19.09 and a 52-week high of $29.02. The firm has a 50-day moving average of $22.95 and a 200-day moving average of $24.61.

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

Magnolia Oil & Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.15 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.90%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s payout ratio is currently 31.09%.

Insiders Place Their Bets

In related news, CEO Christopher G. Stavros purchased 2,500 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $22.05 per share, for a total transaction of $55,125.00. Following the completion of the purchase, the chief executive officer now owns 892,372 shares in the company, valued at approximately $19,676,802.60. This represents a 0.28 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.20% of the company’s stock.

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.