Allspring Global Investments Holdings LLC Has $72.32 Million Position in Magnolia Oil & Gas Co. (NYSE:MGY)

Allspring Global Investments Holdings LLC lifted its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 0.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,064,426 shares of the company’s stock after purchasing an additional 2,580 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Magnolia Oil & Gas were worth $72,320,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in MGY. Harbor Capital Advisors Inc. bought a new position in Magnolia Oil & Gas in the 3rd quarter worth approximately $25,000. First Horizon Advisors Inc. boosted its position in shares of Magnolia Oil & Gas by 64.7% in the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after acquiring an additional 396 shares during the period. Mather Group LLC. grew its stake in shares of Magnolia Oil & Gas by 100.0% in the fourth quarter. Mather Group LLC. now owns 1,090 shares of the company’s stock worth $25,000 after acquiring an additional 545 shares during the last quarter. R Squared Ltd bought a new position in Magnolia Oil & Gas during the fourth quarter worth $43,000. Finally, Avior Wealth Management LLC raised its stake in Magnolia Oil & Gas by 30.0% during the 4th quarter. Avior Wealth Management LLC now owns 2,194 shares of the company’s stock valued at $51,000 after purchasing an additional 506 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on MGY shares. Piper Sandler upped their price objective on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Mizuho upped their price target on Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 16th. The Goldman Sachs Group lowered Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $27.00 to $26.00 in a report on Friday, January 31st. Bank of America restated a “neutral” rating and issued a $28.00 target price (down from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Finally, Truist Financial lifted their price target on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average target price of $27.58.

Magnolia Oil & Gas Trading Down 3.5 %

Shares of Magnolia Oil & Gas stock opened at $22.99 on Thursday. Magnolia Oil & Gas Co. has a 12-month low of $20.08 and a 12-month high of $29.02. The company has a 50-day simple moving average of $24.50 and a 200 day simple moving average of $25.30. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $4.52 billion, a P/E ratio of 11.38, a price-to-earnings-growth ratio of 2.85 and a beta of 1.98.

Magnolia Oil & Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a $0.15 dividend. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.60 annualized dividend and a yield of 2.61%. Magnolia Oil & Gas’s payout ratio is presently 25.74%.

Magnolia Oil & Gas 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.