Envestnet Asset Management Inc. raised its stake in shares of Magnolia Oil & Gas Corp (NYSE:MGY) by 5.7% in the 2nd quarter, Holdings Channel reports. The firm owned 24,554 shares of the company’s stock after purchasing an additional 1,331 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Magnolia Oil & Gas were worth $284,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the stock. Systematic Financial Management LP raised its position in shares of Magnolia Oil & Gas by 1.5% in the 2nd quarter. Systematic Financial Management LP now owns 1,084,172 shares of the company’s stock worth $12,555,000 after acquiring an additional 15,679 shares in the last quarter. Rothschild & Co. Asset Management US Inc. bought a new position in shares of Magnolia Oil & Gas in the 1st quarter worth about $9,356,000. JVL Advisors L.L.C. bought a new position in shares of Magnolia Oil & Gas in the 1st quarter worth about $8,021,000. Amica Retiree Medical Trust raised its position in shares of Magnolia Oil & Gas by 5.0% in the 2nd quarter. Amica Retiree Medical Trust now owns 60,641 shares of the company’s stock worth $702,000 after acquiring an additional 2,877 shares in the last quarter. Finally, Virginia Retirement Systems ET AL bought a new position in shares of Magnolia Oil & Gas in the 2nd quarter worth about $195,000. 66.99% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the company. R. F. Lafferty set a $20.00 price objective on Magnolia Oil & Gas and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Piper Jaffray Companies assumed coverage on Magnolia Oil & Gas in a research report on Monday, July 8th. They issued an “overweight” rating and a $14.00 price objective for the company. Zacks Investment Research raised Magnolia Oil & Gas from a “sell” rating to a “hold” rating in a research report on Saturday, September 7th. TheStreet upgraded Magnolia Oil & Gas from a “d” rating to a “c-” rating in a research note on Tuesday, August 6th. Finally, Wells Fargo & Co assumed coverage on Magnolia Oil & Gas in a research note on Monday, May 20th. They issued an “outperform” rating and a $16.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the stock. Magnolia Oil & Gas has an average rating of “Buy” and an average price target of $15.92.
Shares of MGY opened at $10.75 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a 50-day moving average of $10.30 and a 200-day moving average of $11.64. Magnolia Oil & Gas Corp has a one year low of $9.27 and a one year high of $15.23.
Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Tuesday, August 6th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.02). The firm had revenue of $242.96 million during the quarter, compared to analyst estimates of $239.51 million. Magnolia Oil & Gas had a net margin of 12.13% and a return on equity of 5.12%. As a group, analysts forecast that Magnolia Oil & Gas Corp will post 0.46 EPS for the current year.
In related news, Chairman Stephen I. Chazen purchased 25,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $10.22 per share, for a total transaction of $255,500.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 7.90% of the company’s stock.
About Magnolia Oil & Gas
Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.
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