Point72 Hong Kong Ltd Acquires New Position in Magnolia Oil & Gas Corp (NYSE:MGY)
Point72 Hong Kong Ltd acquired a new stake in Magnolia Oil & Gas Corp (NYSE:MGY) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,151 shares of the company’s stock, valued at approximately $241,000.
Other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Magnolia Oil & Gas by 152.8% in the 4th quarter. Russell Investments Group Ltd. now owns 4,677,273 shares of the company’s stock valued at $58,837,000 after acquiring an additional 2,827,137 shares during the period. State Street Corp increased its stake in Magnolia Oil & Gas by 5.6% in the fourth quarter. State Street Corp now owns 3,405,401 shares of the company’s stock valued at $42,840,000 after acquiring an additional 182,062 shares during the last quarter. Wildcat Capital Management LLC acquired a new position in Magnolia Oil & Gas during the third quarter valued at approximately $9,963,000. Millennium Management LLC raised its position in Magnolia Oil & Gas by 425.0% during the third quarter. Millennium Management LLC now owns 815,910 shares of the company’s stock valued at $9,056,000 after purchasing an additional 660,501 shares in the last quarter. Finally, Man Group plc lifted its stake in Magnolia Oil & Gas by 20.8% during the third quarter. Man Group plc now owns 815,599 shares of the company’s stock worth $9,053,000 after purchasing an additional 140,415 shares during the last quarter. 72.15% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Stephen I. Chazen purchased 201,000 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was purchased at an average price of $7.42 per share, with a total value of $1,491,420.00. Company insiders own 7.90% of the company’s stock.
Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.02). Magnolia Oil & Gas had a net margin of 5.36% and a return on equity of 1.84%. The business had revenue of $229.71 million for the quarter, compared to the consensus estimate of $243.94 million. On average, equities analysts anticipate that Magnolia Oil & Gas Corp will post -0.28 EPS for the current fiscal year.
Several research analysts recently issued reports on MGY shares. ValuEngine raised Magnolia Oil & Gas from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Credit Suisse Group started coverage on Magnolia Oil & Gas in a research report on Thursday, March 19th. They set a “hold” rating and a $7.00 price objective for the company. Northland Securities lowered Magnolia Oil & Gas from an “outperform” rating to a “hold” rating in a research note on Friday, March 13th. Wells Fargo & Co reduced their target price on Magnolia Oil & Gas from $15.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, March 10th. Finally, KeyCorp dropped their price target on shares of Magnolia Oil & Gas from $9.00 to $8.00 and set an “overweight” rating on the stock in a research report on Thursday. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $11.89.
Magnolia Oil & Gas Profile
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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