Magnolia Oil & Gas (NYSE:MGY) Price Target Lowered to $23.00 at Piper Sandler

Magnolia Oil & Gas (NYSE:MGY) had its price target dropped by equities researchers at Piper Sandler from $25.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 2.54% from the company’s current price.

Several other brokerages have also issued reports on MGY. KeyCorp set a $29.00 price target on Magnolia Oil & Gas and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Mizuho boosted their target price on shares of Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Wednesday, October 8th. Finally, William Blair began coverage on shares of Magnolia Oil & Gas in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $26.25.

Magnolia Oil & Gas Trading Up 0.5%

MGY traded up $0.11 during trading on Tuesday, reaching $22.43. 568,384 shares of the stock traded hands, compared to its average volume of 2,557,149. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The stock’s 50-day moving average is $23.35 and its 200 day moving average is $23.26. Magnolia Oil & Gas has a 12 month low of $19.09 and a 12 month high of $29.02. The stock has a market capitalization of $4.23 billion, a PE ratio of 12.52, a P/E/G ratio of 3.11 and a beta of 1.18.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. Magnolia Oil & Gas had a return on equity of 18.10% and a net margin of 25.90%.The firm had revenue of $324.94 million during the quarter, compared to analyst estimates of $322.52 million. During the same period last year, the company posted $0.52 EPS. The business’s quarterly revenue was down 2.5% on a year-over-year basis. Equities analysts anticipate that Magnolia Oil & Gas will post 2.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MGY. XTX Topco Ltd purchased a new stake in Magnolia Oil & Gas in the 3rd quarter valued at $748,000. Voloridge Investment Management LLC grew its stake in shares of Magnolia Oil & Gas by 14.1% in the 3rd quarter. Voloridge Investment Management LLC now owns 448,028 shares of the company’s stock worth $10,694,000 after acquiring an additional 55,431 shares in the last quarter. Verition Fund Management LLC raised its holdings in shares of Magnolia Oil & Gas by 19.9% in the third quarter. Verition Fund Management LLC now owns 163,485 shares of the company’s stock valued at $3,902,000 after purchasing an additional 27,167 shares during the last quarter. Tidal Investments LLC lifted its position in shares of Magnolia Oil & Gas by 21.0% during the third quarter. Tidal Investments LLC now owns 122,321 shares of the company’s stock valued at $2,920,000 after purchasing an additional 21,205 shares in the last quarter. Finally, SIR Capital Management L.P. boosted its holdings in Magnolia Oil & Gas by 25.1% during the third quarter. SIR Capital Management L.P. now owns 1,740,161 shares of the company’s stock worth $41,538,000 after purchasing an additional 349,461 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.