Magnolia Oil & Gas (MGY) Hits New 12-Month High Following Insider Buying Activity
Magnolia Oil & Gas Corp (NYSE:MGY)’s share price hit a new 52-week high during mid-day trading on Thursday after an insider bought additional shares in the company. The company traded as high as $14.26 and last traded at $14.23, with a volume of 31824 shares trading hands. The stock had previously closed at $14.05.
Specifically, Director John B. Walker bought 160,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The stock was purchased at an average cost of $13.76 per share, with a total value of $2,201,600.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Arcilia Acosta bought 17,950 shares of the company’s stock in a transaction dated Friday, August 31st. The stock was bought at an average cost of $13.90 per share, with a total value of $249,505.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 242,333 shares of company stock valued at $2,608,219.
Several equities research analysts have recently commented on MGY shares. SunTrust Banks started coverage on shares of Magnolia Oil & Gas in a research report on Thursday, August 2nd. They issued a “buy” rating for the company. Imperial Capital started coverage on shares of Magnolia Oil & Gas in a research report on Wednesday, August 1st. They issued a “buy” rating and a $16.00 target price for the company. Finally, Zacks Investment Research raised shares of Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $16.00 target price for the company in a research report on Wednesday.
Magnolia Oil & Gas Company Profile (NYSE:MGY)
Magnolia Oil & Gas Corporation operates as an oil and gas exploration and production company. It has operations in South Texas in the core of the Eagle Ford. The company is headquartered in Houston, Texas.
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