Magnolia Oil & Gas (NYSE:MGY) Stock Price Expected to Rise, Piper Sandler Analyst Says

Magnolia Oil & Gas (NYSE:MGY) had its target price raised by investment analysts at Piper Sandler from $26.00 to $28.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective suggests a potential downside of 4.50% from the stock’s previous close.

Other research analysts have also issued reports about the company. The Goldman Sachs Group increased their price objective on Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnolia Oil & Gas in a report on Thursday, January 22nd. Zacks Research raised shares of Magnolia Oil & Gas from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Bank of America raised shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and upped their price objective for the company from $26.00 to $28.00 in a report on Friday, January 16th. Finally, Wells Fargo & Company set a $25.00 price objective on shares of Magnolia Oil & Gas in a research note on Monday, February 16th. Eight analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.18.

Magnolia Oil & Gas Stock Up 2.5%

Magnolia Oil & Gas stock traded up $0.72 during mid-day trading on Thursday, reaching $29.32. 798,505 shares of the company were exchanged, compared to its average volume of 3,068,376. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54. The firm has a market cap of $5.47 billion, a P/E ratio of 17.05 and a beta of 0.89. The business has a fifty day moving average of $24.74 and a 200 day moving average of $23.79. Magnolia Oil & Gas has a 12-month low of $19.09 and a 12-month high of $29.37.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The company had revenue of $317.63 million during the quarter, compared to the consensus estimate of $322.18 million. During the same period last year, the firm earned $0.44 earnings per share. Magnolia Oil & Gas’s revenue was down 2.8% compared to the same quarter last year. Research analysts anticipate that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Institutional Trading of Magnolia Oil & Gas

Several institutional investors have recently modified their holdings of the stock. TD Asset Management Inc raised its position in shares of Magnolia Oil & Gas by 55.7% during the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock worth $106,898,000 after purchasing an additional 1,601,809 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in Magnolia Oil & Gas by 58.7% during the 3rd quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock worth $98,789,000 after buying an additional 1,531,061 shares in the last quarter. American Century Companies Inc. increased its stake in Magnolia Oil & Gas by 12.9% during the 2nd quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock worth $266,641,000 after buying an additional 1,358,878 shares in the last quarter. HITE Hedge Asset Management LLC raised its holdings in shares of Magnolia Oil & Gas by 661.5% during the fourth quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company’s stock valued at $31,837,000 after acquiring an additional 1,263,407 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Magnolia Oil & Gas by 192.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company’s stock valued at $33,449,000 after acquiring an additional 921,970 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).