Federated Hermes Inc. Has $5.16 Million Holdings in Magnolia Oil & Gas Co. (NYSE:MGY)

Federated Hermes Inc. trimmed its holdings in Magnolia Oil & Gas Co. (NYSE:MGY) by 10.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 220,485 shares of the company’s stock after selling 25,629 shares during the period. Federated Hermes Inc.’s holdings in Magnolia Oil & Gas were worth $5,155,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGY. FMR LLC increased its stake in Magnolia Oil & Gas by 174.9% during the 3rd quarter. FMR LLC now owns 34,851 shares of the company’s stock worth $851,000 after acquiring an additional 22,171 shares during the period. HighTower Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas during the 3rd quarter worth $353,000. Charles Schwab Investment Management Inc. increased its position in shares of Magnolia Oil & Gas by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,076,541 shares of the company’s stock worth $48,550,000 after purchasing an additional 85,524 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in Magnolia Oil & Gas in the fourth quarter valued at about $590,000. Finally, Proficio Capital Partners LLC bought a new stake in Magnolia Oil & Gas during the fourth quarter worth about $292,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock opened at $20.39 on Friday. The business has a 50 day moving average of $23.38 and a 200-day moving average of $24.85. The company has a market capitalization of $3.96 billion, a P/E ratio of 10.56, a P/E/G ratio of 3.01 and a beta of 1.57. Magnolia Oil & Gas Co. has a 1 year low of $19.09 and a 1 year high of $29.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 1.47.

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

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a dividend of $0.15 per share. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend was Friday, February 14th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 31.09%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several research firms have commented on MGY. Truist Financial raised their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, January 13th. The Goldman Sachs Group cut shares of Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Bank of America restated a “neutral” rating and set a $28.00 price objective (down from $29.00) on shares of Magnolia Oil & Gas in a research report on Monday, January 13th. JPMorgan Chase & Co. reduced their target price on Magnolia Oil & Gas from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Williams Trading set a $29.00 price target on Magnolia Oil & Gas in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnolia Oil & Gas has an average rating of “Hold” and an average price target of $27.54.

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.