Magnolia Oil & Gas (NYSE:MGY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a hold rating to a buy rating in a research note published on Saturday,Wall Street Zen reports.

MGY has been the topic of a number of other reports. Truist Financial upped their price target on Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. KeyCorp reissued an “overweight” rating and issued a $38.00 price objective on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Williams Trading set a $32.00 target price on Magnolia Oil & Gas in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. raised Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and upped their target price for the company from $32.00 to $33.00 in a research report on Tuesday, September 8th. Finally, Johnson Rice raised Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and reduced their target price for the company from $33.00 to $32.00 in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.53.

Magnolia Oil & Gas Trading Down 5.6%

Shares of NYSE MGY opened at $25.01 on Friday. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76. The business has a fifty day moving average price of $25.67 and a 200 day moving average price of $27.02. The stock has a market capitalization of $5.93 billion, a P/E ratio of 11.51 and a beta of 0.80. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million for the quarter, compared to analysts’ expectations of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company’s revenue was up 50.1% compared to the same quarter last year. During the same period last year, the business earned $0.41 EPS. Equities research analysts expect that Magnolia Oil & Gas will post 2.83 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 10th will be paid a $0.18 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.72 dividend on an annualized basis and a yield of 2.9%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 31.58%.

Insider Activity at Magnolia Oil & Gas

In other news, Director David Khani bought 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds have recently added to or reduced their stakes in MGY. Dimensional Fund Advisors LP boosted its stake in shares of Magnolia Oil & Gas by 5.9% in the first quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company’s stock worth $221,910,000 after buying an additional 394,419 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Magnolia Oil & Gas by 2.8% during the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock valued at $198,248,000 after acquiring an additional 170,174 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Magnolia Oil & Gas by 790.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock valued at $197,748,000 after purchasing an additional 5,560,619 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Magnolia Oil & Gas by 20.5% in the 1st quarter. Bank of America Corp DE now owns 3,877,361 shares of the company’s stock valued at $122,408,000 after purchasing an additional 659,012 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its stake in shares of Magnolia Oil & Gas by 0.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 2,172,120 shares of the company’s stock valued at $68,574,000 after purchasing an additional 17,541 shares in the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.