Magnolia Oil & Gas (NYSE:MGY) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a sell rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Magnolia Oil & Gas Corporation is an oil producer. The company’s assets are located primarily in the Eagle Ford Shale and Austin Chalk formations in South Texas. Magnolia Oil & Gas Corporation, formerly known as TPG Pace Energy Holdings, is based in Houston, Texas. “

Other analysts have also recently issued reports about the company. Wells Fargo & Co assumed coverage on Magnolia Oil & Gas in a research note on Monday, May 20th. They issued an outperform rating and a $16.00 target price on the stock. R. F. Lafferty set a $20.00 target price on Magnolia Oil & Gas and gave the stock a buy rating in a research note on Wednesday, August 7th. ValuEngine cut Magnolia Oil & Gas from a hold rating to a sell rating in a research note on Tuesday, July 2nd. TheStreet raised Magnolia Oil & Gas from a d rating to a c- rating in a research note on Tuesday, August 6th. Finally, Piper Jaffray Companies assumed coverage on Magnolia Oil & Gas in a research note on Monday, July 8th. They issued an overweight rating and a $14.00 target price on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $16.33.

Shares of NYSE:MGY opened at $10.12 on Wednesday. The stock’s 50-day moving average price is $10.74 and its 200-day moving average price is $11.87. Magnolia Oil & Gas has a 12-month low of $9.27 and a 12-month high of $15.23. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.14.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.02). Magnolia Oil & Gas had a net margin of 12.13% and a return on equity of 5.12%. The company had revenue of $242.96 million for the quarter, compared to the consensus estimate of $239.51 million. On average, equities research analysts predict that Magnolia Oil & Gas will post 0.52 earnings per share for the current fiscal year.

In other news, Chairman Stephen I. Chazen acquired 25,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $10.22 per share, with a total value of $255,500.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 7.90% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at approximately $25,000. Aperio Group LLC bought a new stake in Magnolia Oil & Gas during the 2nd quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Magnolia Oil & Gas during the 2nd quarter valued at approximately $71,000. Bank of Montreal Can bought a new stake in Magnolia Oil & Gas during the 2nd quarter valued at approximately $98,000. Finally, Starr International Co. Inc. bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at approximately $120,000. 68.55% of the stock is currently owned by institutional investors and hedge funds.

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.

Recommended Story: SEC Filing

Get a free copy of the Zacks research report on Magnolia Oil & Gas (MGY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Magnolia Oil & Gas (NYSE:MGY)

Receive News & Ratings for Magnolia Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnolia Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.