Magnolia Oil & Gas (NYSE:MGY) Stock Gets Price Target Bump from Truist Financial

Magnolia Oil & Gas (NYSE:MGY) had its target price boosted by Truist Financial from $34.00 to $35.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 45.82% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Williams Trading set a $32.00 price target on Magnolia Oil & Gas in a report on Wednesday, September 23rd. Johnson Rice raised Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and dropped their target price for the stock from $33.00 to $32.00 in a research report on Monday, August 17th. Roth Capital cut their target price on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Zacks Research raised shares of Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating in a report on Monday, September 14th. Finally, Citigroup lowered their price target on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.88.

Magnolia Oil & Gas Stock Performance

MGY traded down $0.07 on Friday, hitting $24.00. 6,499,483 shares of the company’s stock were exchanged, compared to its average volume of 3,534,368. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average of $25.91 and a two-hundred day moving average of $27.50. Magnolia Oil & Gas has a twelve month low of $21.07 and a twelve month high of $32.76. The firm has a market cap of $5.69 billion, a PE ratio of 10.53 and a beta of 0.80.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.Magnolia Oil & Gas’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.41 earnings per share. On average, research analysts anticipate that Magnolia Oil & Gas will post 2.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, Director David Khani acquired 8,000 shares of Magnolia Oil & Gas stock in a transaction that occurred 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 completion of the acquisition, the director directly owned 30,622 shares of the company’s stock, valued at $765,550. This trade represents a 35.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in MGY. Planning Project LLC acquired a new stake in Magnolia Oil & Gas in the 2nd quarter valued at about $1,434,000. Janus Henderson Group PLC grew its stake in shares of Magnolia Oil & Gas by 2.8% in the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after purchasing an additional 170,174 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Magnolia Oil & Gas by 26.6% in the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock worth $124,156,000 after purchasing an additional 1,193,458 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in shares of Magnolia Oil & Gas by 481.9% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 153,445 shares of the company’s stock worth $4,844,000 after purchasing an additional 127,077 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its stake in Magnolia Oil & Gas by 45.7% during the first quarter. Edgestream Partners L.P. now owns 352,998 shares of the company’s stock valued at $11,144,000 after purchasing an additional 110,677 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and production of crude oil, natural gas and natural gas liquids.

Magnolia’s operations are concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas, including its Karnes and Giddings areas. Its production activities are supported by established infrastructure and involve the development of unconventional oil and gas resources.

The company was formed in 2017 through a business combination involving TPG Pace Energy Holdings Corp.