Magnolia Oil & Gas (NYSE:MGY) Given Buy Rating at Truist Financial

Truist Financial restated their buy rating on shares of Magnolia Oil & Gas (NYSE:MGY) in a report issued on Friday,Benzinga reports. The brokerage currently has a $37.00 price target on the stock, up from their prior price target of $35.00.

A number of other research analysts also recently weighed in on MGY. Zacks Research downgraded shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 13th. Mizuho upgraded shares of Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. Scotiabank started coverage on shares of Magnolia Oil & Gas in a research report on Wednesday, October 14th. They issued a “sector outperform” rating and a $31.00 price target for the company. Citigroup dropped their price target on Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.59.

Magnolia Oil & Gas Stock Up 0.6%

Magnolia Oil & Gas stock traded up $0.14 during mid-day trading on Friday, hitting $23.66. The company had a trading volume of 3,988,255 shares, compared to its average volume of 2,957,106. Magnolia Oil & Gas has a 12 month low of $21.07 and a 12 month high of $32.76. The stock’s 50 day moving average price is $25.44 and its two-hundred day moving average price is $27.04. The company has a market capitalization of $5.61 billion, a PE ratio of 10.61 and a beta of 0.72. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, November 4th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.13. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The business had revenue of $513.89 million during the quarter, compared to analysts’ expectations of $474.39 million. During the same period in the previous year, the company earned $0.42 earnings per share. The business’s revenue for the quarter was up 58.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magnolia Oil & Gas will post 2.83 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 10th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, November 10th. Magnolia Oil & Gas’s payout ratio is currently 31.58%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Magnolia Oil & Gas by 5.9% in the 1st 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 period. Janus Henderson Group PLC raised its position in shares of Magnolia Oil & Gas by 2.8% in the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after acquiring an additional 170,174 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock worth $197,748,000 after purchasing an additional 5,560,619 shares in the last quarter. Bank of America Corp DE grew its stake in 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 acquiring an additional 659,012 shares during the period. Finally, Boston Trust Walden Corp increased its stake in shares of Magnolia Oil & Gas by 20.2% during the third quarter. Boston Trust Walden Corp now owns 2,866,273 shares of the company’s stock worth $67,329,000 after purchasing an additional 481,513 shares in the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

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.