Mizuho Increases Magnolia Oil & Gas (NYSE:MGY) Price Target to $26.00

Magnolia Oil & Gas (NYSE:MGY) had its price target boosted by Mizuho from $24.00 to $26.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also recently commented on MGY. Piper Sandler decreased their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set an overweight rating for the company in a research note on Wednesday, January 24th. Citigroup lowered shares of Magnolia Oil & Gas from a neutral rating to a sell rating and lowered their price target for the company from $24.00 to $18.00 in a report on Monday, December 11th. Truist Financial boosted their price objective on Magnolia Oil & Gas from $32.00 to $33.00 and gave the company a buy rating in a report on Friday, February 16th. Bank of America assumed coverage on Magnolia Oil & Gas in a report on Tuesday, February 27th. They set a buy rating and a $25.00 target price on the stock. Finally, Wells Fargo & Company decreased their price target on Magnolia Oil & Gas from $23.00 to $21.00 and set an equal weight rating for the company in a report on Friday, January 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $25.33.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY traded up $0.41 on Thursday, hitting $24.27. 3,748,361 shares of the company were exchanged, compared to its average volume of 3,585,435. The firm has a market capitalization of $4.96 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 1.54 and a beta of 2.03. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 1-year low of $18.72 and a 1-year high of $24.34. The stock’s 50 day moving average price is $21.46 and its 200 day moving average price is $21.88.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.04). Magnolia Oil & Gas had a net margin of 31.65% and a return on equity of 21.21%. The firm had revenue of $322.63 million for the quarter, compared to analysts’ expectations of $324.95 million. Sell-side analysts predict that Magnolia Oil & Gas will post 1.99 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, February 15th. This represents a $0.52 dividend on an annualized basis and a yield of 2.14%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s dividend payout ratio is currently 25.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Magnolia Oil & Gas by 32.5% in the 1st quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock worth $364,245,000 after buying an additional 4,086,152 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Magnolia Oil & Gas by 1.0% in the third quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock valued at $323,220,000 after acquiring an additional 168,670 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Magnolia Oil & Gas by 0.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock worth $368,651,000 after acquiring an additional 55,508 shares during the last quarter. First Trust Advisors LP increased its position in shares of Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after purchasing an additional 1,704,982 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Magnolia Oil & Gas by 4.9% in the 1st quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock valued at $178,054,000 after purchasing an additional 354,812 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.