Magnolia Oil & Gas (NYSE:MGY) Given New $32.00 Price Target at Citigroup

Magnolia Oil & Gas (NYSE:MGY) had its target price dropped by equities research analysts at Citigroup from $35.00 to $32.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 7.89% from the stock’s previous close.

Several other analysts have also recently weighed in on MGY. Zacks Research raised Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 26th. Susquehanna lowered their price target on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating on the stock in a report on Monday, January 26th. Mizuho set a $30.00 price target on Magnolia Oil & Gas in a report on Friday, February 6th. Roth Mkm reaffirmed a “neutral” rating and issued a $32.00 price target (up from $29.00) on shares of Magnolia Oil & Gas in a report on Wednesday, April 8th. Finally, Piper Sandler raised their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock traded down $0.24 on Monday, hitting $29.66. 638,923 shares of the stock were exchanged, compared to its average volume of 3,027,894. 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 firm has a market capitalization of $5.53 billion, a PE ratio of 17.23, a P/E/G ratio of 1.89 and a beta of 0.83. Magnolia Oil & Gas has a one year low of $19.97 and a one year high of $32.76. The firm’s 50 day moving average is $28.80 and its two-hundred day moving average is $24.98.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $317.63 million for the quarter, compared to analysts’ expectations 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 in the prior year, the firm posted $0.44 EPS. Sell-side analysts expect that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Christopher G. Stavros sold 119,954 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.29, for a total value of $3,513,452.66. Following the completion of the transaction, the chief executive officer owned 883,592 shares in the company, valued at $25,880,409.68. This trade represents a 11.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward P. Djerejian sold 18,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $28.98, for a total value of $521,640.00. Following the completion of the transaction, the director owned 110,425 shares of the company’s stock, valued at approximately $3,200,116.50. The trade was a 14.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 338,954 shares of company stock worth $9,911,733 over the last quarter. Company insiders own 0.92% of the company’s stock.

Institutional Trading of Magnolia Oil & Gas

A number of hedge funds have recently bought and sold shares of MGY. TD Asset Management Inc grew its holdings in Magnolia Oil & Gas by 55.7% during the third quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock valued at $106,898,000 after purchasing an additional 1,601,809 shares during the period. Epoch Investment Partners Inc. grew its holdings in Magnolia Oil & Gas by 58.7% during the third quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock valued at $98,789,000 after purchasing an additional 1,531,061 shares during the period. HITE Hedge Asset Management LLC grew its holdings in 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 purchasing an additional 1,263,407 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Magnolia Oil & Gas by 192.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company’s stock valued at $33,449,000 after purchasing an additional 921,970 shares during the period. Finally, Pacer Advisors Inc. grew its holdings in Magnolia Oil & Gas by 16,251.3% during the third quarter. Pacer Advisors Inc. now owns 626,745 shares of the company’s stock valued at $14,960,000 after purchasing an additional 622,912 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

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).