Magnolia Oil & Gas (NYSE:MGY) Reaches New 52-Week High – Should You Buy?

Magnolia Oil & Gas Corp (NYSE:MGY)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $29.74 and last traded at $29.12, with a volume of 925270 shares changing hands. The stock had previously closed at $29.22.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MGY shares. Roth Mkm reissued a “buy” rating on shares of Magnolia Oil & Gas in a report on Tuesday, February 10th. Bank of America upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $26.00 to $28.00 in a research note on Friday, January 16th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a report on Wednesday, January 21st. Piper Sandler increased their target price on shares of Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, 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. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $28.18.

Magnolia Oil & Gas Stock Performance

The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $5.49 billion, a P/E ratio of 17.12 and a beta of 0.89. The company’s fifty day simple moving average is $25.04 and its 200 day simple moving average is $23.88.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $317.63 million during the quarter, compared to analyst estimates of $322.18 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The firm’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the company earned $0.44 earnings per share. As a group, sell-side analysts forecast that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 10th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 2.2%. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, February 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 38.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds have recently bought and sold shares of MGY. American Century Companies Inc. increased its holdings in shares of Magnolia Oil & Gas by 12.9% in 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 during the last quarter. State Street Corp grew its position in Magnolia Oil & Gas by 1.4% in the fourth quarter. State Street Corp now owns 8,800,807 shares of the company’s stock worth $192,650,000 after acquiring an additional 125,707 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Magnolia Oil & Gas by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,634,362 shares of the company’s stock valued at $145,230,000 after acquiring an additional 264,649 shares during the last quarter. TD Asset Management Inc increased its stake in Magnolia Oil & Gas by 26.6% in the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock valued at $124,156,000 after acquiring an additional 1,193,458 shares during the last quarter. Finally, Epoch Investment Partners Inc. raised its position in Magnolia Oil & Gas by 28.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company’s stock valued at $116,675,000 after purchasing an additional 1,191,438 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.

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).