Sunday, June 26, 2022

Magnolia Oil & Gas Corporation [MGY] stock for 202,575,000 USD was sold by EnerVest, Ltd.

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Magnolia Oil & Gas Corporation shares valued at $202,575,000 were sold by EnerVest, Ltd. on Jun 06. At $27.01 per share, EnerVest, Ltd. sold 7,500,000 shares. The insider’s holdings dropped to 10,912,450 shares worth approximately $252.84 million following the completion of this transaction.

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Also, Walker John B sold 7,500,000 shares, netting a total of over 202,575,000 in proceeds. Following the sale of shares at $27.01 each, the insider now holds 10,912,450 shares.

Before that, EnerVest, Ltd. had sold 7,500,000 shares from its account. In a trade valued at $162,900,000, the Director traded Magnolia Oil & Gas Corporation shares for $21.72 each. Upon closing the transaction, the insider’s holdings decreased to 7,500,000 shares, worth approximately $313.46 million.

As published in a research note from Wells Fargo on January 05, 2022, Magnolia Oil & Gas Corporation [MGY] has been rated down from an Overweight to an Equal weight and the price target has been revised to $23. This represents a -0.74% premium over Wednesday’s closing price. Analysts at JP Morgan downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early December. As of October 26, 2021, The Benchmark Company has initiated its “Hold” rating for MGY. Earlier on August 30, 2021, Truist upgraded its rating. Their new recommendation was “a Buy” for MGY stock which previously was a “a Hold”.

Analyzing MGY’s Price Performance

On Wednesday, Magnolia Oil & Gas Corporation [NYSE: MGY] plunged -6.19% to $23.17. The stock’s lowest price that day was $23.09, but it reached a high of $24.17 in the same session. During the last five days, there has been a drop of approximately -15.10%. Over the course of the year, Magnolia Oil & Gas Corporation shares have jumped approximately 22.79%. Shares of the company reached a 52-week high of $30.31 on 06/08/22 and a 52-week low of $18.82 on 01/03/22. A 50-day SMA is recorded $25.47, while a 200-day SMA reached $21.76. Nevertheless, trading volume fell to 4.31 million shares from 2.86 million shares the previous day.

Support And Resistance Levels for Magnolia Oil & Gas Corporation (MGY)

According to the 24-hour chart, there is a support level at 22.78, which, if violated, would cause prices to drop to 22.40. In the upper region, resistance lies at 23.86. The next price resistance is at 24.56. RSI (Relative Strength Index) is 36.51 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.21, which suggests the price will decrease in the coming days. Percent R is at 96.23%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Magnolia Oil & Gas Corporation subject to short interest?

Stocks of Magnolia Oil & Gas Corporation saw a sharp rise in short interest on Apr 28, 2022 jumping by 0.89 million shares to 15.11 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 14.22 million shares. A jump of 5.89% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 9.6 of the overall float, the days-to-cover ratio (short ratio) jumped to 9.6.

Which companies own the most shares of Magnolia Oil & Gas Corporation (MGY)?

According to T. Rowe Price Associates, Inc. filings, the company currently owns 21,966,339 shares, which is about 11.72% of the total MGY shares outstanding. The investor’s shares have plunged by -93,088 from its previous 13-F filing of 22059427.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $397,221,784. BlackRock Fund Advisors reduced a -1.37% interest valued at $236.8 million while Wellington Management Co. LLP purchased a 354,812 stake. A total of 1,284,393 shares of Magnolia Oil & Gas Corporation were bought by Fidelity Management & Research Co during the quarter, and 715,380 were bought by SSgA Funds Management, Inc. In its current portfolio, FIAM LLC holds 6,508,653 shares valued at $179.7 million.

On August 02, 2021, Evercore ISI assigned a price target of “an Outperform” to the stock and initiated coverage with a $18.

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