Magnolia Oil & Gas (NYSE:MGY) PT Raised to $22.00

Magnolia Oil & Gas (NYSE:MGY) had its target price increased by Citigroup from $18.00 to $22.00 in a research note released on Monday morning, Benzinga reports. They currently have a sell rating on the stock.

A number of other analysts have also recently weighed in on MGY. The Goldman Sachs Group upped their target price on shares of Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a buy rating in a research note on Tuesday, March 26th. Mizuho upped their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a neutral rating in a research note on Thursday, March 14th. Truist Financial increased their target price on Magnolia Oil & Gas from $32.00 to $33.00 and gave the stock a buy rating in a report on Friday, February 16th. Wells Fargo & Company decreased their price target on Magnolia Oil & Gas from $23.00 to $21.00 and set an equal weight rating on the stock in a research note on Friday, January 19th. Finally, Bank of America assumed coverage on Magnolia Oil & Gas in a research note on Tuesday, February 27th. They set a buy rating and a $25.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $27.14.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $25.68 on Monday. The firm has a market capitalization of $5.24 billion, a PE ratio of 12.52, a PEG ratio of 1.60 and a beta of 2.05. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 1-year low of $18.72 and a 1-year high of $27.33. The business’s 50 day moving average is $23.96 and its 200-day moving average is $22.33.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). Magnolia Oil & Gas had a return on equity of 21.21% and a net margin of 31.65%. The business had revenue of $322.63 million for the quarter, compared to analyst estimates of $324.95 million. Sell-side analysts predict that Magnolia Oil & Gas will post 2.08 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s dividend payout ratio is presently 25.37%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MGY. BlackRock Inc. grew its holdings in Magnolia Oil & Gas by 32.5% during the 1st quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock worth $364,245,000 after acquiring an additional 4,086,152 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Magnolia Oil & Gas by 1.0% during the third quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock worth $323,220,000 after purchasing an additional 168,670 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Magnolia Oil & Gas by 0.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock worth $368,651,000 after purchasing an additional 55,508 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after purchasing an additional 1,704,982 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Magnolia Oil & Gas by 4.9% in the first quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock valued at $178,054,000 after purchasing an additional 354,812 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.