Magnolia Oil & Gas (NYSE:MGY) Trading 3.6% Higher After Analyst Upgrade

Magnolia Oil & Gas Corp (NYSE:MGY) shares rose 3.6% on Wednesday after Siebert Williams Shank upgraded the stock from a hold rating to a buy rating. Siebert Williams Shank now has a $32.00 price target on the stock, up from their previous price target of $30.00. Magnolia Oil & Gas traded as high as $24.92 and last traded at $24.8920. 1,818,931 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 3,461,990 shares. The stock had previously closed at $24.02.

Several other brokerages have also commented on MGY. Weiss Ratings raised shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Roth Capital cut their target price on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Johnson Rice upgraded shares of Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and lowered their price target for the company from $33.00 to $32.00 in a research report on Monday, August 17th. Seaport Research Partners initiated coverage on shares of Magnolia Oil & Gas in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Finally, Truist Financial reissued a “buy” rating and set a $34.00 price objective (up from $33.00) on shares of Magnolia Oil & Gas in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.81.

Insiders Place Their Bets

In related news, Director David Khani acquired 8,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the transaction, the director directly owned 30,622 shares of the company’s stock, valued at approximately $765,550. The trade was a 35.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its position in shares of Magnolia Oil & Gas by 11.0% during the second quarter. Allworth Financial LP now owns 5,760 shares of the company’s stock worth $147,000 after purchasing an additional 571 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Magnolia Oil & Gas by 10.1% during the 2nd quarter. GAMMA Investing LLC now owns 7,572 shares of the company’s stock worth $194,000 after purchasing an additional 697 shares during the last quarter. Parallel Advisors LLC raised its position in Magnolia Oil & Gas by 45.4% in the first quarter. Parallel Advisors LLC now owns 2,572 shares of the company’s stock valued at $81,000 after purchasing an additional 803 shares during the period. Cetera Investment Advisers grew its position in Magnolia Oil & Gas by 5.2% in the 1st quarter. Cetera Investment Advisers now owns 17,549 shares of the company’s stock valued at $554,000 after acquiring an additional 867 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its holdings in shares of Magnolia Oil & Gas by 7.3% in the 1st quarter. Sanctuary Advisors LLC now owns 12,744 shares of the company’s stock valued at $402,000 after purchasing an additional 868 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Performance

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 company has a market cap of $5.90 billion, a price-to-earnings ratio of 10.91 and a beta of 0.70. The firm has a 50-day simple moving average of $26.21 and a 200 day simple moving average of $27.75.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.93 by $0.06. The firm had revenue of $478.81 million during 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%. Magnolia Oil & Gas’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. On average, sell-side analysts predict that Magnolia Oil & Gas Corp will post 2.92 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Monday, August 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. Magnolia Oil & Gas’s payout ratio is currently 31.58%.

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.