King Luther Capital Management Corp Sells 73,636 Shares of Magnolia Oil & Gas Corp $MGY

King Luther Capital Management Corp decreased its stake in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 22.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,349 shares of the company's stock after selling 73,636 shares during the quarter. King Luther Capital Management Corp owned approximately 0.13% of Magnolia Oil & Gas worth $5,695,000 at the end of the most recent quarter.

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Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Magnolia Oil & Gas by 236.2% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company's stock worth $27,000 after purchasing an additional 836 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Magnolia Oil & Gas during the 2nd quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings in Magnolia Oil & Gas by 98.6% during the 2nd quarter. GAMMA Investing LLC now owns 5,009 shares of the company's stock valued at $113,000 after purchasing an additional 2,487 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Magnolia Oil & Gas by 34.3% in the 1st quarter. Smartleaf Asset Management LLC now owns 5,072 shares of the company's stock valued at $128,000 after purchasing an additional 1,295 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new position in Magnolia Oil & Gas in the first quarter worth $136,000. 94.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on MGY. Weiss Ratings reiterated a "hold (c)" rating on shares of Magnolia Oil & Gas in a research report on Wednesday, October 8th. KeyCorp set a $29.00 price objective on Magnolia Oil & Gas and gave the company an "overweight" rating in a research report on Wednesday, October 15th. Mizuho raised their price target on Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, October 30th. Piper Sandler raised their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, William Blair started coverage on shares of Magnolia Oil & Gas in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $26.42.

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Check Out Our Latest Stock Analysis on MGY

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $21.98 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The business has a 50-day moving average of $23.55 and a 200-day moving average of $23.20. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 2.96 and a beta of 1.18. Magnolia Oil & Gas Corp has a fifty-two week low of $19.09 and a fifty-two week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The firm had revenue of $324.94 million during the quarter, compared to analysts' expectations of $322.52 million. Magnolia Oil & Gas had a return on equity of 18.10% and a net margin of 25.90%.The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. As a group, sell-side analysts predict that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 10th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, November 10th. Magnolia Oil & Gas's payout ratio is presently 33.52%.

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.

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