Truist Financial Reaffirms Buy Rating for Magnolia Oil & Gas (NYSE:MGY)

Magnolia Oil & Gas (NYSE:MGY)‘s stock had its “buy” rating reissued by Truist Financial in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $34.00 price objective on the stock, up from their prior price objective of $33.00. Truist Financial’s price target suggests a potential upside of 41.45% from the stock’s previous close.

Several other brokerages have also commented on MGY. Susquehanna increased their price target on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a “positive” rating in a research note on Tuesday, August 11th. Mizuho raised shares of Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. KeyCorp reiterated an “overweight” rating and set a $38.00 price target on shares of Magnolia Oil & Gas in a research note on Wednesday, August 12th. JPMorgan Chase & Co. raised shares of Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $32.00 to $33.00 in a research report on Tuesday, September 8th. Finally, Wall Street Zen upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $31.79.

Magnolia Oil & Gas Stock Down 0.9%

Shares of NYSE MGY opened at $24.04 on Monday. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 10.54 and a beta of 0.70. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58. The business has a 50-day moving average of $26.21 and a two-hundred day moving average of $27.75. Magnolia Oil & Gas has a 1 year low of $21.07 and a 1 year high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The business had revenue of $478.81 million for the quarter, compared to the consensus estimate of $458.10 million. During the same quarter in the prior year, the business posted $0.41 EPS. The business’s revenue for the quarter was up 50.1% on a year-over-year basis. On average, analysts forecast that Magnolia Oil & Gas will post 2.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnolia Oil & Gas news, Director David Khani acquired 8,000 shares of the stock in a transaction on Friday, August 7th. The shares were bought at an average cost of $25.00 per share, with a total value of $200,000.00. Following the transaction, the director owned 30,622 shares of the company’s stock, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently made changes to their positions in the business. Valued Wealth Advisors LLC purchased a new stake in Magnolia Oil & Gas in the 1st quarter valued at approximately $29,000. Harbor Investment Advisory LLC acquired a new stake in shares of Magnolia Oil & Gas in the 2nd quarter valued at approximately $39,000. Ancora Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas in the 2nd quarter valued at approximately $51,000. Versant Capital Management Inc lifted its holdings in shares of Magnolia Oil & Gas by 96.9% in the 2nd quarter. Versant Capital Management Inc now owns 2,257 shares of the company’s stock valued at $58,000 after buying an additional 1,111 shares during the period. Finally, Parallel Advisors LLC boosted its stake in shares of Magnolia Oil & Gas by 45.4% in the first quarter. Parallel Advisors LLC now owns 2,572 shares of the company’s stock valued at $81,000 after buying an additional 803 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 energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.