Magnolia Oil & Gas Corp (NYSE:MGY) Stock Has Average Price Target of $31.81

Magnolia Oil & Gas Corp (NYSE:MGY) has been given a consensus recommendation of “Moderate Buy” by the eighteen ratings firms that are presently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $31.81.

A number of research firms recently weighed in on MGY. JPMorgan Chase & Co. upgraded Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $33.00 in a research report on Tuesday, September 8th. UBS Group reduced their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Weiss Ratings raised shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Johnson Rice upgraded shares of Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and lowered their price objective for the stock from $33.00 to $32.00 in a report on Monday, August 17th. Finally, Susquehanna upped their price objective 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.

Insider Activity

In related news, Director David Khani acquired 8,000 shares of Magnolia Oil & Gas stock in a transaction dated Friday, August 7th. The shares were purchased at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the director owned 30,622 shares of the company’s stock, valued at $765,550. This represents a 35.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC grew its position in Magnolia Oil & Gas by 34.3% during the 2nd quarter. Tidal Investments LLC now owns 93,383 shares of the company’s stock worth $2,389,000 after acquiring an additional 23,833 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Magnolia Oil & Gas in the second quarter valued at approximately $72,000. IFP Advisors Inc lifted its position in Magnolia Oil & Gas by 12.2% in the second quarter. IFP Advisors Inc now owns 9,180 shares of the company’s stock valued at $235,000 after purchasing an additional 999 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Magnolia Oil & Gas by 11.0% during the second quarter. Allworth Financial LP now owns 5,760 shares of the company’s stock valued at $147,000 after purchasing an additional 571 shares during the period. Finally, Arizona State Retirement System boosted its stake in shares of Magnolia Oil & Gas by 3.3% during the second quarter. Arizona State Retirement System now owns 49,947 shares of the company’s stock valued at $1,278,000 after purchasing an additional 1,579 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Trading Down 0.5%

NYSE MGY opened at $23.47 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock’s 50-day simple moving average is $25.95 and its two-hundred day simple moving average is $27.54. Magnolia Oil & Gas has a twelve month low of $21.07 and a twelve month high of $32.76. The company has a market capitalization of $5.56 billion, a price-to-earnings ratio of 10.30 and a beta of 0.70.

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

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th were given a dividend of $0.18 per share. The ex-dividend date was Monday, August 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.1650. This represents a $0.72 annualized dividend and a yield of 3.1%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 31.58%.

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.