Magnolia Oil & Gas (NYSE:MGY) Sees Large Volume Increase on Analyst Upgrade

Magnolia Oil & Gas Corp (NYSE:MGY) shares saw unusually-strong trading volume on Friday after Truist Financial raised their price target on the stock from $34.00 to $35.00. Truist Financial currently has a buy rating on the stock. Approximately 5,692,222 shares were traded during trading, an increase of 61% from the previous session’s volume of 3,532,039 shares. The stock last traded at $24.04 and had previously closed at $24.07.

A number of other equities research analysts also recently weighed in on the company. Johnson Rice upgraded Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and dropped their target price for the stock from $33.00 to $32.00 in a research report on Monday, August 17th. Roth Capital reduced their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Wells Fargo & Company upgraded Magnolia Oil & Gas to a “hold” rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. upgraded shares of Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $32.00 to $33.00 in a research report on Tuesday, September 8th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $38.00 price target on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.88.

Insider Activity at Magnolia Oil & Gas

In other news, Director David Khani purchased 8,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director directly owned 30,622 shares in the company, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors have recently bought and sold shares of MGY. Planning Project LLC acquired a new stake in Magnolia Oil & Gas in the 2nd quarter valued at $1,434,000. Janus Henderson Group PLC boosted its stake in shares of Magnolia Oil & Gas by 2.8% during the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after buying an additional 170,174 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Magnolia Oil & Gas by 26.6% in the 4th 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 in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in shares of Magnolia Oil & Gas by 481.9% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 153,445 shares of the company’s stock valued at $4,844,000 after acquiring an additional 127,077 shares in the last quarter. Finally, Edgestream Partners L.P. increased its position in shares of Magnolia Oil & Gas by 45.7% in the first quarter. Edgestream Partners L.P. now owns 352,998 shares of the company’s stock valued at $11,144,000 after acquiring an additional 110,677 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Up 0.1%

The firm has a fifty day moving average of $25.91 and a 200-day moving average of $27.50. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The firm has a market cap of $5.71 billion, a P/E ratio of 10.56 and a beta of 0.80.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The firm had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same quarter in the previous year, the firm earned $0.41 EPS. The business’s quarterly revenue was up 50.1% on a year-over-year basis. On average, equities research analysts anticipate that Magnolia Oil & Gas Corp will post 2.91 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 10th were issued a dividend of $0.18 per share. The ex-dividend date was Monday, August 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a yield of 3.0%. Magnolia Oil & Gas’s dividend payout ratio is presently 31.58%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and production of crude oil, natural gas and natural gas liquids.

Magnolia’s operations are concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas, including its Karnes and Giddings areas. Its production activities are supported by established infrastructure and involve the development of unconventional oil and gas resources.

The company was formed in 2017 through a business combination involving TPG Pace Energy Holdings Corp.