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Here’s What Makes Magnolia Oil (MGY) a Great Investment

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Wasatch Global Investors, an investment management firm, published its “Wasatch Ultra Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Growth stocks fared worse than value stocks in the quarter, with the benchmark Russell 2000® Growth Index down -12.63%. The Wasatch Ultra Growth Fund—Investor Class posted a larger decline of -16.69%. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Wasatch Ultra Growth Fund mentioned Magnolia Oil & Gas Corporation (NASDAQ:MGY) and explained its insights for the company. Founded in 2017, Magnolia Oil & Gas Corporation (NASDAQ:MGY)  is a Houston, Texas-based oil and gas exploration and production company with a $6.2 billion market capitalization. Magnolia Oil & Gas Corporation (NASDAQ:MGY)  delivered a 25.97% return since the beginning of the year, while its 12-month returns are up by 67.99%. The stock closed at $23.77 per share on June 17, 2022.

Here is what Wasatch Ultra Growth Fund has to say about Magnolia Oil & Gas Corporation (NASDAQ:MGY)  in its Q1 2022 investor letter:

"Another strong stock in the Fund was Magnolia Oil & Gas Corp. (NASDAQ:MGY). Operating primarily in oil-rich South Texas, the company engages in the development, exploration and production of oil and natural gas. Sharply higher prices for oil and gas boosted Magnolia’s share price during the first quarter. We’re impressed by the company’s disciplined management team and consistent record of returning cash to shareholders regardless of the price of oil."

Top Energy Dividend Stocks
Top Energy Dividend Stocks

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Our calculations show that Magnolia Oil & Gas Corporation (NASDAQ:MGY)  fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Magnolia Oil & Gas Corporation (NASDAQ:MGY)  was in 22 hedge fund portfolios at the end of the first quarter of 2022, compared to 20 funds in the previous quarter. Magnolia Oil & Gas Corporation (NASDAQ:MGY)  delivered a 2.41% return in the past 3 months.

In December 2021, we also shared another hedge fund’s views on Magnolia Oil & Gas Corporation (NASDAQ:MGY)  in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.