Magnolia Oil & Gas (NYSE:MGY) Stock Rating Raised to “Buy” at Wall Street Zen

Magnolia Oil & Gas (NYSE:MGY) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other research firms have also recently weighed in on MGY. JPMorgan Chase & Co. raised shares of Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and raised their target price for the company from $32.00 to $33.00 in a research note on Tuesday, September 8th. Truist Financial increased their price target on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. Wells Fargo & Company lowered their price objective on shares of Magnolia Oil & Gas from $36.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 14th. Roth Capital reduced their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Finally, Citigroup reduced their target price on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating for the company in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Magnolia Oil & Gas has a consensus rating of “Moderate Buy” and an average price target of $31.53.

Magnolia Oil & Gas Trading Up 1.1%

NYSE MGY opened at $26.51 on Friday. Magnolia Oil & Gas has a 52 week low of $21.07 and a 52 week high of $32.76. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. The stock’s 50 day moving average price is $25.73 and its two-hundred day moving average price is $27.01. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 11.35 and a beta of 0.80.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 earnings per share. As a group, analysts anticipate that Magnolia Oil & Gas will post 2.83 earnings per share for the current fiscal year.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director David Khani bought 8,000 shares of the stock in a transaction dated Friday, August 7th. The shares were bought at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director owned 30,622 shares of the company’s stock, valued at $765,550. This trade represents a 35.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Valued Wealth Advisors LLC acquired a new position in Magnolia Oil & Gas during the first quarter worth about $29,000. Richardson Financial Services Inc. boosted its stake in shares of Magnolia Oil & Gas by 76.4% in the 3rd quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company’s stock valued at $32,000 after purchasing an additional 595 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Magnolia Oil & Gas during the 2nd quarter valued at approximately $39,000. Ancora Advisors LLC bought a new stake in shares of Magnolia Oil & Gas during the 2nd quarter valued at approximately $51,000. Finally, Versant Capital Management Inc grew its holdings in shares of Magnolia Oil & Gas by 96.9% during the 2nd quarter. Versant Capital Management Inc now owns 2,257 shares of the company’s stock valued at $58,000 after purchasing an additional 1,111 shares during the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.