Magnolia Oil & Gas (NYSE:MGY) Rating Increased to Strong-Buy at Zacks Research

Magnolia Oil & Gas (NYSE:MGY) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday, Zacks reports.

Several other equities analysts also recently commented on MGY. Roth Capital lowered their price objective 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. Susquehanna increased their target price on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research report on Tuesday, August 11th. Weiss Ratings raised Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Truist Financial raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating and boosted their price target for the stock from $32.00 to $33.00 in a report on Tuesday, July 28th. Finally, Johnson Rice raised Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and lowered their price target for the stock from $33.00 to $32.00 in a report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $31.71.

Magnolia Oil & Gas Stock Up 3.2%

MGY opened at $28.51 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. Magnolia Oil & Gas has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The firm’s fifty day moving average is $26.33 and its 200 day moving average is $27.86. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 12.51 and a beta of 0.70.

Magnolia Oil & Gas (NYSE:MGY) last issued its 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 net margin of 28.77% and a return on equity of 21.04%. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. During the same quarter in the prior year, the firm posted $0.41 EPS. Magnolia Oil & Gas’s quarterly revenue was up 50.1% compared to the same quarter last year. On average, sell-side analysts forecast that Magnolia Oil & Gas will post 2.91 earnings per share for the current fiscal year.

Insider Activity at Magnolia Oil & Gas

In related news, Director David Khani acquired 8,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director directly owned 30,622 shares of the company’s stock, valued at approximately $765,550. This trade represents a 35.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently made changes to their positions in MGY. Diamond Hill Capital Management Inc. lifted its position in Magnolia Oil & Gas by 210.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 414,817 shares of the company’s stock worth $9,080,000 after buying an additional 281,234 shares during the last quarter. Janus Henderson Group PLC increased its position in Magnolia Oil & Gas by 2.8% during the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock valued at $198,248,000 after acquiring an additional 170,174 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in Magnolia Oil & Gas by 481.9% during the first 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 during the last quarter. TD Asset Management Inc raised its stake in shares of 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 period. Finally, Edgestream Partners L.P. raised its stake 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 period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.