Magnolia Oil & Gas (NYSE:MGY) Upgraded to Buy at Citigroup

Magnolia Oil & Gas (NYSE:MGY) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage presently has a $25.00 price target on the stock. Citigroup’s price objective suggests a potential upside of 8.04% from the stock’s current price.

A number of other research firms have also recently weighed in on MGY. Mizuho set a $29.00 price objective on shares of Magnolia Oil & Gas in a research report on Friday, December 12th. Zacks Research downgraded shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a research report on Monday. BMO Capital Markets started coverage on shares of Magnolia Oil & Gas in a research note on Friday. They set an “outperform” rating and a $27.00 price objective on the stock. Piper Sandler cut their target price on shares of Magnolia Oil & Gas from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, November 18th. Finally, KeyCorp set a $29.00 target price on Magnolia Oil & Gas and gave the company an “overweight” rating in a report on Wednesday, October 15th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $26.42.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $23.14 on Wednesday. The firm’s fifty day simple moving average is $22.41 and its 200-day simple moving average is $23.21. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The stock has a market cap of $4.37 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 3.28 and a beta of 0.92. Magnolia Oil & Gas has a fifty-two week low of $19.09 and a fifty-two week high of $26.84.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, October 29th. The company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. The company had revenue of $324.94 million for the quarter, compared to the consensus estimate of $322.52 million. Magnolia Oil & Gas had a return on equity of 18.10% and a net margin of 25.90%.Magnolia Oil & Gas’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. Analysts expect that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in Magnolia Oil & Gas by 77.7% during the first quarter. AQR Capital Management LLC now owns 56,346 shares of the company’s stock worth $1,423,000 after purchasing an additional 24,631 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Magnolia Oil & Gas by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company’s stock worth $2,605,000 after purchasing an additional 4,512 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Magnolia Oil & Gas by 8.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,880 shares of the company’s stock valued at $6,135,000 after purchasing an additional 18,447 shares during the period. Intech Investment Management LLC boosted its stake in shares of Magnolia Oil & Gas by 11.3% during the 1st quarter. Intech Investment Management LLC now owns 68,814 shares of the company’s stock valued at $1,738,000 after buying an additional 7,008 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Magnolia Oil & Gas by 290.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 60,355 shares of the company’s stock worth $1,408,000 after buying an additional 44,885 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).