Thu Sep 26 15:01:18 UTC 2024: ## Magnolia Oil & Gas Stock Drops After Insider Sale

**New York, NY (MarketBeat News) -** Magnolia Oil & Gas Co. (NYSE:MGY) experienced a significant drop in its share price on Thursday, following the news of insider selling activity. The stock opened at $23.92, a notable gap down from its previous closing price of $24.61.

Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock on Monday, September 23rd, at an average price of $25.86. This transaction generated $181,020,000.00 for the director, who now holds 2,099,403 shares in the company.

Analysts have had mixed opinions on Magnolia Oil & Gas recently. While some firms, like Bank of America, have raised their target price and maintain a “buy” rating, others, such as JPMorgan Chase & Co. and Wells Fargo & Company, have lowered their price targets. Overall, the stock currently holds a “Hold” rating with a consensus target price of $28.00.

Magnolia Oil & Gas reported strong quarterly earnings on July 31st, exceeding analysts’ expectations. The company also announced a quarterly dividend of $0.13 per share, representing a yield of 2.17%.

Institutional investors have shown interest in Magnolia Oil & Gas, with several firms increasing their holdings in recent quarters.

Despite the recent insider sale, Magnolia Oil & Gas remains a major player in the oil and natural gas sector, with a focus on the Eagle Ford Shale and Austin Chalk formation in Texas.

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