The Vanguard Group, Inc. recently announced the acquisition of new stake in Magnolia Oil & Gas Corporation (NYSE:MGY). The institutional investor has increased its shareholding in the Energy company by 2.00% to 16.2 million shares with purchase of 0.32 million shares. This fresh investment now brings its stake to 8.44% valued currently at $342.16 million. In addition, T. Rowe Price Investment Manageme raised its holdings by 55508.0 to 15.72 million shares. And BlackRock Fund Advisors has lifted its position by 12.80% or 1.37 million shares – to 12.09 million shares.
With over 1.57 million Magnolia Oil & Gas Corporation (MGY) shares trading Friday and a closing price of $19.90 on the day, the dollar volume was approximately $31.24 million. The shares have shown a negative half year performance of -24.45% and its price on 05/19/23 gained nearly 1.27%. Currently, there are 191.78M common shares owned by the public and among those 179.42M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for MGY have a consensus price objective of $27.50. The analysts have set the share’s price value over the next 12 months at a high of $33.00 and a low of $23.00. The average price target is 28.62% above its recent price level and an upside to the estimated low will see the stock gain 13.48% over that period. But an upside of 39.7% will see the stock hit the forecast high price target while median target price for the stock is $28.00.
Insiders at the company have transacted a total of 26 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 403,770 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 167,110 shares.
The top 3 mutual fund holders in Magnolia Oil & Gas Corporation are First Trust Rising Dividend Achie, Vanguard Total Stock Market ETF, and Vanguard Explorer Fund. First Trust Rising Dividend Achie owns 7.43 million shares of the company’s stock, all valued at over $157.02 million. The company sold 28106.0 shares recently to bring their total holdings to about 3.87% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.2 million shares to see its total holdings expand to 5.36 million shares valued at over $113.17 million and representing 2.79% of the shares outstanding. Vanguard Explorer Fund bought 1.08 million shares to bring its total holdings to over 4.82 million shares at a value of $101.74 million. Vanguard Explorer Fund now owns shares totaling to 2.51% of the shares outstanding.
Shares of Magnolia Oil & Gas Corporation (NYSE: MGY) opened at $19.94, up $0.29 from a prior closing price of $19.65. However, the script later moved the day high at 19.97, up 1.27%. The company’s stock has a 5-day price change of 2.21% and -6.26% over the past three months. MGY shares are trading -15.14% year to date (YTD), with the 12-month market performance down to -16.28% lower. It has a 12-month low price of $18.01 and touched a high of $30.31 over the same period. MGY has an average intraday trading volume of 2.00 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.78%, -5.18%, and -12.66% respectively.
Institutional ownership of Magnolia Oil & Gas Corporation (NYSE: MGY) shares accounts for 104.43% of the company’s 191.78M shares outstanding. Mutual fund holders own 34.60%, while other institutional holders and individual stakeholders account for 66.00% and 13.11% respectively.
It has a market capitalization of $4.17B and a beta (3y monthly) value of 2.16. The stock’s trailing 12-month PE ratio is 4.58, while the earnings-per-share (ttm) stands at $4.34. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.51% over the week and 3.39% over the month.
Analysts forecast that Magnolia Oil & Gas Corporation (MGY) will achieve an EPS of $0.55 for the current quarter, $0.61 for the next quarter and $2.68 for 2024. The lowest estimate earnings-per-share for the quarter is $0.41 while analysts give the company a high EPS estimate of $0.61. Comparatively, EPS for the current quarter was $1.32 a year ago. Earnings per share for the fiscal year are expected to increase by 99.90%, and 15.52% over the next financial year. EPS should shrink at an annualized rate of -9.83% over the next five years, compared to 33.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Magnolia Oil & Gas Corporation (MGY) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 5 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”
