BlackRock Fund Advisors has recently announced that it has increased stake in Magnolia Oil & Gas Corp (NYSE:MGY) by 5.89%. After grabbing 12.99 million shares, the institutional investor is now in possession of 0.72 million shares of the Energy Company. The new investment brought the stake of investor firm to 7.01% having worth around $279.26 million. Moreover, Macquarie Investment Management B increased its share by 2.62 million to have a control over 7.29 million shares. And SSgA Funds Management, Inc. raised its holdings to 0.76 million shares by acquiring 7.15 million shares or 3.86% of the stake.
Magnolia Oil & Gas Corp (MGY) concluded trading on 12/21/23 at a closing price of $21.73, with 1.97 million shares of worth about $42.76 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 10.53% during that period and on Thursday the price saw a gain of about 1.16%. Currently the company’s common shares owned by public are about 192.04M shares, out of which, 174.60M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 17 analysts are covering the MGY stock and their offered price forecasts bring an average price target of $25.39. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $31.00 and could fall to a lowest price of $18.00. The stock’s current price level is 14.42% above of average price target set by the analysts, while a rise to estimated low would result in loss of -20.72% for the stock. However, touching the estimated high of $31.00 would mean a gain of 29.9% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 33 times over the past 12 months. They bought 444,804 shares in 20 of the transactions. In 13 selling transactions, insiders dumped 172,110 shares.
First Trust Rising Dividend Achie, Vanguard Total Stock Market ETF, and Vanguard Explorer Fund are the top 3 mutual funds which are holding stakes in Magnolia Oil & Gas Corp First Trust Rising Dividend Achie is currently holding 7.2 million shares of worth totaling $154.72 million. The company recently came buying 4110.0 shares which brought its stake up to 3.89% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 10934.0 shares, after which its hold over company’s outstanding shares expand to 3.00%, leaving 5.56 million shares with the mutual fund that have a worth of about $119.49 million. Vanguard Explorer Fund, after buying 5.53 million shares, have now control over 2.99% of the stake in the company. It holds 0.12 million shares of worth $118.93 million.
Magnolia Oil & Gas Corp (NYSE: MGY) started trading at $21.50, above $0.02 from concluding price of the previous day. However, the stock later moved at a day high price of 21.75, or with a gain of 1.16%. Stock saw a price change of 0.28% in past 5 days and over the past one month there was a price change of 1.02%. Year-to-date (YTD), MGY shares are showing a performance of -7.33% which decreased to -4.32% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $18.72 but also hit the highest price of $24.34 during that period. The average intraday trading volume for Magnolia Oil & Gas Corp shares is 2.02 million. The stock is currently trading 2.10% above its 20-day simple moving average (SMA20), while that difference is down -0.71% for SMA50 and it goes to 0.77% higher than SMA200.
BlackRock Fund Advisors acquired 12.99 million shares of Magnolia Oil & Gas Corp having value of about $279.26 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 0.72 million shares in the company valued at close to $15704379.65, or have control over 5.89% stake in the company. Magnolia Oil & Gas Corp (NYSE: MGY) currently have 192.04M outstanding shares and institutions hold larger chunk of about 89.38% of that. Holding of mutual funds in the company is about 34.62% while other institutional holders and individual stake holders have control over 65.54% and 13.60% of the stake respectively.
The stock has a current market capitalization of $4.50B and its 3Y-monthly beta is at 2.02. PE ratio of stock for trailing 12 months is 8.00, while it has posted earnings per share of $2.72 in the same period. It has Quick Ratio of 2.65 while making debt-to-equity ratio of 0.24. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for MGY, volatility over the week remained 2.49% while standing at 2.73% over the month.
Analysts are in expectations that Magnolia Oil & Gas Corp (MGY) stock would likely to be making an EPS of $0.61 in the current quarter, while forecast for next quarter EPS is $0.6 and it is $2.41 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.5 which is $0.77 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.2 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -49.55% while it is estimated to increase by 10.04% in next year. EPS is likely to shrink at an annualized rate of -9.83% for next 5-years, compared to annual growth of 16.45% made by the stock over the past 5-years.
Analysts at 17 brokerage firms have issued recommendations for the Magnolia Oil & Gas Corp (MGY)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.12. Out of those 17 Wall Street analysts, 8 recommended a “Buy” rating, while 7 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Citigroup on December 11, 2023 offering a Sell rating for the stock and assigned a target price range of between $24 and $18 to it.
