A company insider recently sold 7,500,000 shares of Magnolia Oil & Gas Corporation [MGY]. Should You Sale?

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 $235.16 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 $291.55 million.

As published in their initiating research note from KeyBanc Capital Markets on September 20, 2022, Magnolia Oil & Gas Corporation [MGY] has been an Overweight and the price target has been revised to $28. This represents a 23.04% premium over Wednesday’s closing price. As of January 05, 2022, Wells Fargo has decreased its “an Overweight” rating to a “an Equal weight” for MGY. Earlier on December 07, 2021, JP Morgan downgraded its rating. Their new recommendation was “a Neutral” for MGY stock which previously was a “an Overweight”.

Analyzing MGY’s Price Performance

On Wednesday, Magnolia Oil & Gas Corporation [NYSE: MGY] plunged -4.31% to $21.55. The stock’s lowest price that day was $21.55, but it reached a high of $23.205 in the same session. During the last five days, there has been a drop of approximately -10.84%. Over the course of the year, Magnolia Oil & Gas Corporation shares have jumped approximately 14.20%. Shares of the company reached a 52-week high of $30.31 on 06/08/22 and a 52-week low of $18.01 on 07/06/22. A 50-day SMA is recorded $22.82, while a 200-day SMA reached $22.80. Nevertheless, trading volume fell to 3.23 million shares from 1.34 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 21.00, which, if violated, would cause prices to drop to 20.45. In the upper region, resistance lies at 22.65. The next price resistance is at 23.76. RSI (Relative Strength Index) is 40.82 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.60, which suggests the price will decrease in the coming days. Percent R is at 100.00%, indicating bearish price movement. Stochastics %K at holding 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 Jul 14, 2022 jumping by 2.63 million shares to 16.55 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 13.92 million shares. A jump of 15.89% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.82 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.82.

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

According to T. Rowe Price Associates, Inc. filings, the company currently owns 22,028,899 shares, which is about 11.67% of the total MGY shares outstanding. The investor’s shares have appreciated by 62,560 from its previous 13-F filing of 21966339.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $375,587,074. BlackRock Fund Advisors acquire a 9.88% interest valued at $224.96 million while Janus Henderson Investors US LLC purchased a 4,609,705 stake. A total of 4,743,945 shares of Magnolia Oil & Gas Corporation were bought by AllianceBernstein LP during the quarter, and -182,169 were sold by Wellington Management Co. LLP. In its current portfolio, SSgA Funds Management, Inc. holds 7,011,412 shares valued at $167.36 million.

In terms of Magnolia Oil & Gas Corporation share price expectations, FactSet research, analysts set an average price target of $29.83 in the next 12 months, up nearly 26.55% from the previous closing price of $22.52. Analysts anticipate Magnolia Oil & Gas Corporation stock to reach $39.00 by 2022, with the lowest price target being $25.00. In spite of this, 14 analysts ranked Magnolia Oil & Gas Corporation stock as an Overweight at the end of 2022.


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