Wells Fargo & Company Issues Pessimistic Forecast for Magnolia Oil & Gas (NYSE:MGY) Stock Price

Magnolia Oil & Gas (NYSE:MGY) had its price objective dropped by Wells Fargo & Company from $30.00 to $29.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 22.90% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Citigroup decreased their price objective 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. Mizuho upgraded shares of Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. Johnson Rice raised shares of Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and cut their price target for the company from $33.00 to $32.00 in a research report on Monday, August 17th. KeyCorp reiterated an “overweight” rating and set a $38.00 price target on shares of Magnolia Oil & Gas in a report on Wednesday, August 12th. Finally, Scotiabank assumed coverage on Magnolia Oil & Gas in a research report on Wednesday, October 14th. They issued a “sector outperform” rating and a $31.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $31.47.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $23.60 on Friday. The company has a market capitalization of $5.59 billion, a PE ratio of 10.58 and a beta of 0.72. The company has a 50 day simple moving average of $25.50 and a two-hundred day simple moving average of $27.04. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. Magnolia Oil & Gas has a fifty-two week low of $21.07 and a fifty-two week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.13. The firm had revenue of $513.89 million for the quarter, compared to the consensus estimate of $474.39 million. Magnolia Oil & Gas had a net margin of 25.82% and a return on equity of 25.19%. The company’s revenue for the quarter was up 58.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 EPS. Research analysts anticipate that Magnolia Oil & Gas will post 2.83 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MGY. Fifth Third Bancorp boosted its stake in Magnolia Oil & Gas by 17.8% during the third quarter. Fifth Third Bancorp now owns 195,001 shares of the company’s stock worth $4,581,000 after acquiring an additional 29,534 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in Magnolia Oil & Gas by 96.0% in the third quarter. Maryland State Retirement & Pension System now owns 52,972 shares of the company’s stock valued at $1,244,000 after purchasing an additional 25,948 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in Magnolia Oil & Gas by 22.4% in the third quarter. Illinois Municipal Retirement Fund now owns 113,214 shares of the company’s stock valued at $2,659,000 after purchasing an additional 20,707 shares in the last quarter. Lido Advisors LLC raised its holdings in shares of Magnolia Oil & Gas by 19.8% during the third quarter. Lido Advisors LLC now owns 18,945 shares of the company’s stock valued at $445,000 after purchasing an additional 3,135 shares during the period. Finally, Pictet Asset Management Holding SA raised its holdings in shares of Magnolia Oil & Gas by 28.9% during the third quarter. Pictet Asset Management Holding SA now owns 36,260 shares of the company’s stock valued at $852,000 after purchasing an additional 8,131 shares during the period. Institutional investors and hedge funds own 94.73% of the company’s stock.

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.