Magnolia Oil & Gas Corp (NYSE:MGY) Sees Significant Increase in Short Interest

Magnolia Oil & Gas Corp (NYSE:MGY) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 20,591,500 shares, an increase of 10.0% from the July 31st total of 18,711,200 shares. Based on an average daily volume of 1,620,000 shares, the days-to-cover ratio is presently 12.7 days. Approximately 17.5% of the shares of the company are sold short.

In other news, Chairman Stephen I. Chazen purchased 25,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were acquired at an average price of $10.22 per share, for a total transaction of $255,500.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 7.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hancock Whitney Corp acquired a new position in Magnolia Oil & Gas in the 2nd quarter worth about $4,326,000. United Services Automobile Association raised its holdings in Magnolia Oil & Gas by 25.8% in the 2nd quarter. United Services Automobile Association now owns 444,265 shares of the company’s stock worth $5,145,000 after purchasing an additional 91,060 shares during the period. Susquehanna Fundamental Investments LLC raised its holdings in Magnolia Oil & Gas by 594.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 116,700 shares of the company’s stock worth $1,351,000 after purchasing an additional 99,900 shares during the period. Waddell & Reed Financial Inc. raised its holdings in Magnolia Oil & Gas by 1.2% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 2,873,225 shares of the company’s stock worth $33,272,000 after purchasing an additional 33,066 shares during the period. Finally, Yaupon Capital Management LP raised its holdings in Magnolia Oil & Gas by 31.5% in the 2nd quarter. Yaupon Capital Management LP now owns 39,447 shares of the company’s stock worth $457,000 after purchasing an additional 9,447 shares during the period. 66.99% of the stock is owned by institutional investors.

MGY has been the subject of several analyst reports. ValuEngine cut Magnolia Oil & Gas from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. TheStreet raised Magnolia Oil & Gas from a “d” rating to a “c-” rating in a report on Tuesday, August 6th. Zacks Investment Research raised Magnolia Oil & Gas from a “sell” rating to a “hold” rating in a report on Saturday, September 7th. Wells Fargo & Co initiated coverage on Magnolia Oil & Gas in a report on Monday, May 20th. They issued an “outperform” rating and a $16.00 price objective for the company. Finally, R. F. Lafferty set a $20.00 price objective on Magnolia Oil & Gas and gave the company a “buy” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $15.92.

NYSE MGY traded down $0.03 during trading hours on Friday, reaching $10.75. The company’s stock had a trading volume of 1,596,021 shares, compared to its average volume of 1,361,212. Magnolia Oil & Gas has a 1-year low of $9.27 and a 1-year high of $15.23. 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 company’s 50-day moving average is $10.30 and its two-hundred day moving average is $11.64.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The business had revenue of $242.96 million during the quarter, compared to analyst estimates of $239.51 million. Magnolia Oil & Gas had a return on equity of 5.12% and a net margin of 12.13%. Sell-side analysts anticipate that Magnolia Oil & Gas will post 0.46 EPS for the current fiscal year.

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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